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Trade Recommendation: OMNI/BTC Range Trade

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There are many cases when the market goes bearish after generating an all-time high. That’s the case for OMNI/BTC. It posted an all-time high of 0.04824320 on the Poloniex exchange on May 31, 2017. In doing so, it created a massive wick above its body, indicating the presence of sellers at that level. The market tried to sustain its ascent, but it turned bearish after failing to hold support at 0.02 on July 9, 2017. OMNI/BTC is still in a downtrend but there’s an opportunity to make a quick buck.

Technical analysis reveal that the market is currently holding long-term support at 0.0025. Every time the pair hits that support level, it bounces and takes out resistance at 0.010. It also breached resistance at 0.015 on three separate occasions. In addition, RSI is also respecting long-term support level. On top of that, the market is already up 12.23% as of this writing. Indicators are flashing a legitimate bounce.

The strategy is to trade the range. Buy zone is between 0.0025 and 0.005. The target range is from 0.010 to the top end of 0.015. Sell midpoint if selling pressure is high; otherwise, ride until 0.015.

Take note: the market is still in a downtrend, but you can make money by buying low and selling high during the consolidation period.

Weekly OMNI/BTC Chart on Poloniex

As of this writing, OMNI/BTC is trading at 0.00354581 on Poloniex.

Summary of Strategy

Buy: 0.0025 and 0.005

Targets: 0.010 and 0.015

Stop: move below 0.0025

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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3.6 stars on average, based on 235 rated postsKiril is a financial professional with 4+ 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 ETFs, as he does his own crypto research and is the subject matter expert at ETFdb.com. 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: Reddcoin

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The Reddcoin/Bitcoin (RDD/BTC) pair is giving crypto enthusiasts something to be excited about. The pair took out resistance of 0.0000004 on August 27, 2018. The breach triggered the breakout from a falling wedge pattern.

Breaking out from a falling wedge is something that you can observe in many altcoins. However, many of these altcoins significantly retraced. Some even went below the breakout. This is where RDD/BTC is unique. Its recent price action supports our view that the worst of the bear market is over.

Technical analysis shows that RDD/BTC is creating a large pennant on the daily chart. This structure is a bullish continuation pattern. It means that the pair is currently consolidating but it confirms the trend reversal. This period is actually crucial as it enables RDD/BTC to build a strong base that will help keep its uptrend sustainable.

The strategy is to buy the breakout at 0.00000058 after the pair prints volume of at least 300 million Reddcoin units. Volume has been thin recently, which is a characteristic of a consolidation pattern. A spike in volume indicates the end of consolidation and the resumption of the uptrend.

After the breakout, the initial target is 0.0000008. The process may take less than a month.

Weekly Chart of Reddcoin/Bitcoin on Bittrex

As of this writing, the Reddcoin/Bitcoin pair is trading at 0.00000053 on Bittrex.

Summary of Strategy

Buy: Breakout at 0.00000058 after volume of at least 300 million Reddcoin units.

Target: 0.0000008

Stop: 0.00000055 after the breakout.

 

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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3.6 stars on average, based on 235 rated postsKiril is a financial professional with 4+ 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 ETFs, as he does his own crypto research and is the subject matter expert at ETFdb.com. 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: CyberMiles

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The CyberMiles/Bitcoin (CMT/BTC) pair breached resistance of 0.000014 on August 24, 2018. This triggered the breakout from the falling wedge pattern on the daily chart. The breakout looks convincing as the pair printed volume that’s over 830% of its daily average. Consequently, CMT/BTC climbed to as high as 0.00001889.

Unfortunately for breakout buyers, the price action was interpreted by bottom fishers as an opportunity to take profits. As profit-taking commenced, CMT/BTC retraced. Less than a month later, it appears that the correction is over.

Technical analysis show that CMT/BTC is forming a durable support at 0.000012. While this level is slightly below the breakout, the market remains bullish because it is creating a higher low setup. This means that participants are no longer waiting for CMT/BTC to revisit recent lows of 0.00001099, which was posted on August 14 before entering long positions.

In addition, bulls rescued the market when it dropped to as low as 0.00001201 yesterday, September 17. What’s even more interesting is that there was a 230% volume surge yesterday. This indicates that the base building after the breakout is almost over.

The strategy is to buy as close to 0.000012 as possible. CMT/BTC is correcting to cool off technical indicators in the lower time frames. If the market can stay above this new support, it will likely climb to our target of 0.000021.

The process may take less than a month.

Daily Chart of CyberMiles/Bitcoin on Binance

As of this writing, the CyberMiles/Bitcoin pair is trading at 0.00001289 on Binance.

Summary of Strategy

Buy: As close to 0.000012 as possible.

Target: 0.000021

Stop: 0.0000115

 

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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3.6 stars on average, based on 235 rated postsKiril is a financial professional with 4+ 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 ETFs, as he does his own crypto research and is the subject matter expert at ETFdb.com. 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: Status

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The Status/Bitcoin (SNT/BTC) pair bounced off a low of 0.00000471 on September 12, 2018. At that price level, the market was down by almost 90% from the 2018 high of 0.00004406. With such a tremendous loss, investor confidence is most likely shattered at this point.

However, one of the best times to invest in an asset is when no one’s looking. Whales or smart money investors often enter when no one’s paying attention. We can see this scenario possibly developing in SNT/BTC.

Technical analysis shows that SNT/BTC is positioning to take out resistance of 0.0000056. The breach would trigger the breakout from the large falling wedge pattern on the daily chart.

We believe that SNT/BTC will likely breakout from the pattern for several reasons. First, the pattern is near its apex. This makes it very difficult for bears to establish another lower high considering that value has gone down by almost 90%. On top of that, volume has been significantly declining. A dwindling supply paired with bearish exhaustion can be a recipe for a breakout.

Lastly, we can see the daily RSI breakout from its own falling wedge. This tells us that bulls are starting to make their presence felt.

The strategy is to buy the breakout at 0.0000056 as long as the market generates volume of 12 million Status units. Bears will do their best to keep market control. SNT/BTC needs buyers to absorb the expected selling pressure.

Once breakout is complete, the rally will likely take SNT/BTC to our target of 0.000008.

The process may take a month.

Daily Chart of Status/Bitcoin on Binance

As of this writing, the Status/Bitcoin pair is trading at 0.00000527 on Binance.

Summary of Strategy

Buy: Breakout at 0.0000056 after the market meets volume requirements.

Target: 0.000008

Stop: 0.0000054 after the breakout.

 

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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3.6 stars on average, based on 235 rated postsKiril is a financial professional with 4+ 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 ETFs, as he does his own crypto research and is the subject matter expert at ETFdb.com. 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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