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Analysis

Trade Recommendation: NXT

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Based on the 4H chart of NXT we see that market moves upward in the borders of the ascending channel. After reaching 0.180000 level, the price reversed and dropped to a support level. We can spot a good reversal zone formed by the trend line of the ascending channel and 0.125000 support level. If the market reaches this zone and bounces, it will be a good buy signal based on a reversal. But also we can entry the market based on a breakout signal.

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We have a bullish candle which should be used for placing pending orders for buy above the high. This variant will be better for entry because RSI already reversed in the oversold zone. It tells us that the market can start upward movement without reaching the trend line. In order to catch this price movement, we should trade based on the breakout signal and if the market drops to the reversal zone, we’ll just add some volume for our long positions. If you don’t use leverage, recommended trading volume for this trade is up to 3% from your deposit.

Buy: 0.142400
Stop: 0.119000
Profit Targets: 0.180000

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The trading signal is based on Poloniex chart.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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8 Comments

8 Comments

  1. Iulian

    August 7, 2017 at 11:17 am

    What platform would you recommend for trading NXT ?

    • Dmitriy Lavrov

      August 7, 2017 at 11:34 am

      Any crypto exchange where you can trade this market.

  2. gasdoc55

    August 7, 2017 at 4:46 pm

    The price of NXT got pumped up to .18 leading up to the start of the IGNIS ICO. Since the ICO has thus far been a huge bust many holders have cried foul and run to the exchanges to offload their NXT. I almost offloaded my own for the same reason, but then I had the forethought to do the opposite of what everyone else was doing. I agree with you that NXT should take a bounce back up once everyone takes note of the fact that the ICO is still underway for a few months and they need their NXT back to get in.

  3. martijn7martijn

    August 7, 2017 at 6:18 pm

    Why would you only put in 3% of your deposit when you don’t use leverage? Why not 10% or 20%? And why would you put in morge percentage when you actually use leverage? I look forward to your reply!

    • martijn7martijn

      August 7, 2017 at 6:19 pm

      more*

    • Dmitriy Lavrov

      August 7, 2017 at 8:11 pm

      Because we have many trading signals for different markets where we should invest 3-5% from deposits. If you trade only one market and without leverage – yes, you can invest 10-20% for 1 trade.

  4. martijn7martijn

    August 7, 2017 at 10:05 pm

    Thank you very much for your fast answer Dmitriy. Currently I am considering to start trading in the bitcoin and several other altcoins. It takes a lot of time to analyse 15 different cryptocurrencies a day so I was thinking about splitting my deposit in 5 to 10 cryptocurrencies with a good entry zone and switching from currency to currency in about 7 days when the profit targets have been reached or nearly have been reached. Do you think this is a good stragegy of trading and investing? Or do you think that I should abroaden my view to gold, silver and copper and also invest in such markets? Or should I pick more cryptocurrencies or less to trade with? I’m really new in this sort of stuff so I would really like some advise from a professional like you 🙂 I will look forward to your reply again!

  5. Domtranslator

    August 7, 2017 at 11:28 pm

    Hey Dmitry,

    Many thanks for this! In your previous post about NXT, you’ve mentioned ,18 and ,20 as profit targets. I see ,20 is not mentioned here – do you believe this is unlikely to move any further than ,18? If so, why?

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Analysis

Technical Analysis: Litecoin and Ethereum on the Move as Rotation Continues

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The altcoin bull run continued today despite the US Thanksgiving holiday, as trading remained active in the majors, and another important break-out occurred, this time in Ethereum. Litecoin is also strong today, and the coin is testing the key $75 resistance level, as it follows in the track of ETH again. The currency still looks set to hit the next target at $82.50, with the all-time highs below just below the $100 level also in sight. While the long-term momentum is edging towards overbought territory, the coin remains bullish on both time-frames, with strong support still found at $64 and $56.

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LTC/USD, 4-Hour Chart Analysis

Ethereum scored a new record high after moving past $400 for the first time in five months, and considering the lengthy consolidation before the move, more upside is likely for the second largest coin. With the long-term momentum still not being overbought, the token’s price might test the $500 mark in this leg higher, with Fibonacci targets ahead at $475 and $512. Support levels are found below $400 at 4380 and $350.

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ETH/USD, 4-Hour Chart Analysis

Ripple is also attempting another bullish move, while Monero and Dash are consolidating just below their recent highs, while IOTA is in a short-term correction pattern as well. More and more altcoins are now in the latter phases of their rallies, just like Bitcoin, but traders still have opportunities with favorable risk-rewards ratios. Let’ see the short-term charts.

(more…)

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Analysis

Break-Out: Another Crazy Rally in Ethereum?

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What crazy rally you might ask? Bitcoin is the star, right? Everything was about BTC (and BCH) in the last few months, and lots of traders forget the gains that ETH posted amid the take-off of the ICO Rocket during the spring.

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Comparing ETH and BTC in 2017

By the numbers, out of the two largest coins, 2017 is still the year of Ethereum as the 3600% rise in the token’s price dwarfs Bitcoin’s impressive 630% gain. Could Ethereum be on the verge of another epic surge? Before answering that question, first let’s see what happened with the coin in recent months.

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How Did We Get Here?

ETH/USD, Daily Chart Analysis

Ethereum finally broke above the magical $400 barrier that has kept a lid on the token’s price for five months after the crazy run-up in May. What first followed after that stellar move, was a 70% decline top-to-bottom, with a flush-out panic low in July.

Our trend model turned long-term positive even before the spike lower, but since then, the coin only managed to get close to the all-time highs, while Bitcoin eclipsed the previous star with its dominant performance. Now the tide might be turning, as ETH is finally gathering bullish momentum and today it breached the $400 mark, flirting with a break-out from the giant triangle consolidation pattern.

(more…)

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Altcoins

Zcash Dip Offers Chance to Buy

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The ZEC/USD pair went into a downtrend for several days after hitting the 435 level in June. It shed more than half of its value before establishing strong support at 140. The market tried to reclaim resistance at 310 twice, but was sent back on both occasions. As a result, we have a massive reversal structure that might skyrocket the pair into a new all-time high.

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The market closed above 310 a couple of days ago on weak volume which is why it’s struggling to stay above that level. Technical indicators show that momentum is weakening, increasing the likelihood of a dip. A slight correction not only gives the market legs for its next move up, but it also offers you a chance to place orders.

They key indicator to watch for is volume. As long as volume remains sluggish, the market will most likely slide down to 280 first and then 262 next. That’s a good zone to accumulate positions. If volume suddenly spikes, at least 230k at Bitfinex, then we have a legitimate breakout that will take the market to 465.

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 Summary of Strategy

Buy: between 280 and 262 OR confirmed breakout with volume of at least 230k at Bitfinex

Support: 280, 262, and 243

Resistance: 310, 352, 400, and 412

Target: 465

Stop: If the market breaches 243

 

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 money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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