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Trade Recommendation: NXT/Monero

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The NXT/Monero (NXT/XMR) pair launched its bull run on December 7, 2017 when it breached resistance of 0.002. The momentum of the breakout was so strong that it went as high as 0.00588 on December 24. As the market grew by 194% in less than three weeks, it prompted breakout players to take profits.

Unfortunately for buyers who bought the top, the market’s bull run came to an abrupt end when it broke below support of 0.002 on December 29. NXT/XMR went into a freefall, and it seems that it is about to take a relatively long consolidation period.

Technical analysis reveal that NXT/Monero is well on its way down to firm support of 0.0005. At this price level, the market would have lost almost 92% of its value from the top. Hence, it might take the market some time to consolidate at 0.0005 to repair its technical damage. This can be your opportunity to accumulate positions while you trade the range.

The strategy is to buy as close as 0.0005 support as possible. If bulls defend this level, the market will likely climb to our target of 0.002. The process may take three months.

Daily Chart of NXT/Monero on Poloniex

As of this writing, the NXT/Monero pair is trading at 0.00061961 on Poloniex.

Summary of Strategy

Buy: As close to 0.0005 as possible.

Target: 0.002

Stop:  0.00045

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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3.9 stars on average, based on 328 rated postsKiril is a CFA Charterholder and financial professional with 5+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and funds, as he does his own crypto research and is a Product Manager at Mitre Media. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.




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  1. douglash

    March 3, 2018 at 10:22 am

    NXT/XMR is a useless trading pair. I guess it must be on Polo, but who cares? The pairs that matter are BTC, ETH v. USD and everything else v. BTC. Alts v. USD is also useless to us, since there’s no direct trading available. Please restrict articles to these kinds of pairs. Everything else strikes me as just making stuff up because there are no real trading signals that day.

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Trade Recommendation: Cardano

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We’ve been tracking Cardano (ADA/BTC) for a while now. After respecting our range high of 0.0000134 on January 10, 2019, we hoped that it will revisit our range low of 0.00000848 so we can bottom pick the market. We had our hopes up on February 6 when the market went below our range midpoint of 0.00001094. Unfortunately, the market quickly extinguished that hope as Cardano recovered 0.00001094 on February 8.

At that point, we stayed patient to see whether the market would look bearish again. Over a week later, we’re convinced that Cardano is a market that wants to trend higher.

Technical analysis show that ADA/BTC is poised to take out resistance of 0.0000134. This view comes after the market printed a bullish higher low setup of 0.000001055 on February 6. With this setup, Cardano looks ready to trigger a breakout from an inverse head and shoulders pattern.

Technical indicators also appear to back up this view. The 12-hour RSI is also printing an inverse head and shoulders pattern. It looks primed to take out resistance of 60. On top of that, we can see the 200 moving average on the 12-hour chart crawling below our range midpoint of 0.00001094. It will act as an additional support and help keep Cardano trending higher.

The strategy is to buy as close to 0.00001094 as possible. If bulls can stay above this level, they will likely generate a rally to our targets of 0.0000134 and 0.0000167.

The process may take a month.

Daily Chart of Cardano/Bitcoin on Binance

As of this writing, the Cardano/Bitcoin pair is trading at 0.00001164 on Binance.

Summary of Strategy

Buy: As close to 0.00001094 as possible.

Targets: 0.0000134 and 0.0000167.

Stop: 0.0000105

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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3.9 stars on average, based on 328 rated postsKiril is a CFA Charterholder and financial professional with 5+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and funds, as he does his own crypto research and is a Product Manager at Mitre Media. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.




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Trade Recommendation: 0x (ZRX)

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The primary reason why we don’t allow the fear of missing out lure us into buying coins that have already pumped is because markets always pull back. With a little patience, you can usually get your orders filled at your desired price or at least close to it.

Take for example 0x (ZRX/BTC). The market climbed as high as 0.000219 in May 2018. Almost a year later, 0x is back at the level where it started trading on Binance at 0.000063. If you bought the top and held on to your positions, you would have lost over 70% of your investments. Nevertheless, it appears that 0x is in a great position to make up for some of those losses. Thus, bottom-pickers and bargain hunters may want to look into this trade.

Technical analysis shows that ZRX/BTC may be printing a short-term bottom at 0.000063. This price area is a key level for the market. When 0x recovered this support in March 2018, it ignited a strong rally that sent the market to an all-time high of 0.000219 on Binance. Therefore, we expect savvy traders and bargain hunters to go long on the market at current levels.

So far, participants are reacting according to expectations. 0x showed signs of life as soon as it touched this level on February 14, 2019. On top of that, the daily RSI is printing a bullish divergence. This tells us that bullish momentum is on the rise.

The strategy is to buy as close to 0.000063 as possible. As long as 0x trades above this level, bulls will likely gather the momentum to climb to our target of 0.00008056.

The process may take less than a month.

Daily Chart of 0x/Bitcoin on Binance

As of this writing, the 0x/Bitcoin pair is trading at 0.0000641 on Binance.

Summary of Strategy

Buy: As close to 0.000063 as possible.

Target: 0.00008056

Stop: 0.0000605

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
1 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 5 (1 votes, average: 5.00 out of 5)
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3.9 stars on average, based on 328 rated postsKiril is a CFA Charterholder and financial professional with 5+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and funds, as he does his own crypto research and is a Product Manager at Mitre Media. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.




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Trade Recommendation: 0x (ZRX)

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0x (ZRX/USD) has been on our radar since it breached support of $0.455 on November 19, 2018. At that point, we were interested in seeing whether 0x would recover the support. Bulls attempted to reclaim that price level twice but they were sent back on both occasions. As a result, this coin stumbled as it struggled to find its footing. After all, the market had no known support below $0.455 on Bitfinex.

The good news is that 0x is showing bullish signals. These signals tell us that the market is ripe for bottom picking.

Technical analysis shows that ZRX/USD is likely to carve a bottom at $0.22. This view came after the altcoin printed a yearly low of $0.2199 on February 6, 2019. The market immediately bounced after touching this level. Although it is very possible for ZRX to print a new low, the formation of a falling wedge on the daily chart makes us think otherwise. The wedge has been forming for over two months and its apex appears to be at $0.22.

Also, it is important to note that 0x is generating a large bullish divergence on the daily chart. This indicates that the market is slowly gathering bullish steam even though the price continues to fall.

The strategy is to buy on dips as close to $0.22 as possible. As long as 0x trades above this level, bulls will likely gather the momentum to hit our initial target of $0.3375.

The process may take less than a month.

Daily Chart of 0x/US Dollar on Bitfinex

As of this writing, the 0x/US Dollar pair is trading at $0.2344 on Bitfinex.

Summary of Strategy

Buy: As close to $0.22 as possible.

Target: $0.3375

Stop: $0.212

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
1 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 5 (1 votes, average: 5.00 out of 5)
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3.9 stars on average, based on 328 rated postsKiril is a CFA Charterholder and financial professional with 5+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and funds, as he does his own crypto research and is a Product Manager at Mitre Media. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.




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