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Trade Recommendation: Omni

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The Omni/Bitcoin pair exhausted its bull run on July 6, 2017 when it generated a lower high at 0.0253. The downtrend was confirmed when the market broke support at 0.02 on July 11, which triggered a bearish head and shoulders reversal pattern. It then created a series of lower lows and lower highs until it found the bottom at 0.00241466 on November 2. The market lost 87.93% of its value within four months after reversing its trend.

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However, it quickly established firm support at 0.0025 after bottoming out. It consolidated at that support level for a month until it broke resistance at 0.0045 on December 21. The market managed to go as high as 0.0087 before breakout players and bottom pickers stepped in to take profits. The pair retreated, but it provided a window of opportunity for you to buy cheap.

Technical analysis show that the market is creating a bullish higher low set up at 0.0045. The important thing to note is the astronomical surge in volume on January 27. The daily average of bitcoin volume for this market was around 20 BTCs, but on January 27, the volume skyrocketed to 676.16 BTCs. This is an encouraging sign because that means more participants are holding positions around 0.0045.

The strategy is to buy as close to 0.0045 as possible. Should bulls defend this level, the market will attempt to breach resistance at 0.009 in one month.

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Weekly Chart of Omni/Bitcoin on Poloniex

As of this writing, the Omni/Bitcoin pair is trading at 0.00469721 on Poloniex.

 

 

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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3.7 stars on average, based on 169 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: Florincoin

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The Florincoin/Bitcoin pair (FLO/BTC) launched its bull run on April 6, 2017 when it took out resistance of 0.00001. This triggered the large cup and handle pattern on the daily chart. The breakout attracted so much momentum that the market went as high as 0.00006541 on May 13. In less than a month, FLO/BTC grew by an astronomical 554%.

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At this price level, the market showed bearish signals. First, the market was in extreme overbought territory. In addition, it struggled to close above the 61.8% Fibonacci level. Those who saw these signals knew it was time to lock their gains.

The heavy selling drove the pair down to 0.00002232 on May 28, 2017. After seeing that the market respected the 38.2% Fibonacci level, bottom pickers entered the buying picture and ignited a rally to 0.00005645 on June 16. Sensing that a lower high was in place, participants dumped their positions to preserve their capital. As a result, FLO/BTC generated a series of lower highs and lower lows until it bottomed out at 0.00000505 on December 8.

The pair has been showing bullish signals since. This could be your opportunity to buy the breakout.

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Technical analysis reveals that Florincoin/Bitcoin is positioning to take out resistance of 0.0000157. This would trigger the ascending triangle pattern on the daily chart. To complete the breakout, FLO/BTC needs to print at least 1 million units of Florincoin. Those who bought the bottom and the higher lows are likely to take profits at the resistance. The market needs buyers to absorb the selling pressure.

The strategy is to buy the breakout of 0.0000157 after the market generates the required volume. The breakout may attract a lot of momentum that can push the pair to our target of 0.000024.

The process may take a month.

Daily Chart of Florincoin/Bitcoin on Poloniex

As of this writing, the Florincoin/Bitcoin pair is trading at 0.00001386 on Poloniex.

Summary of Strategy

Buy: Buy the breakout at 0.0000157 after volume of 1 million Florincoin units is met.

Target: 0.000024

Stop:  0.000014 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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3.7 stars on average, based on 169 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: Zcash

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This trade recommendation is setting up quickly and requires prompt attention

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Zcash (ZECUSDT) has bounced off the Monthly Pivot Range high. This is significant, longer term support and is a great area to look at going long the market. On the Hourly chart you can see a very encouraging sign in the Hammer candle a few hours ago, that is part of the double bottom formation from the last couple days.

The Daily Pivot Range is in the way for the moment and we will want to see the price move beyond this level to confirm a buy position. The Monthly Pivot is usually an extremely reliable level to lean against. However, we will take the more conservative approach and await a confirmed move of strength to the upside before we enter long.

The action to take is to place a buy order to enter the market long if the market trades at or above the previous swing high level of 283.00. Place the stop loss below the Hammer candle low which is also below the Monthly Pivot Range high support. See the profit targets below.

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Entry Price: 283.50
Stop Loss: 267.00

Profit Targets: First profit target 298.00. Second profit target 317.00.

Disclaimer: The writer owns Litecoin, 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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4 stars on average, based on 57 rated postsI am the founder of VirtuesTrading.com, where traders can learn to use my Virtues Trading System. Formerly a Commodity Trading Advisor, I got my start in the Energy and Precious Metals Options & Futures pits of the New York Mercantile Exchange. I operate on the premise of efficient markets, the management of risk through the analyzation of price action and technical indicators. I have a BA in International Relations from the University of Southern California.




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Trade Recommendation: AUD/INR

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The Australian Dollar/Indian Rupee pair (AUD/INR) ignited its bull run in September 2010 when it breached resistance of 42. This activated the cup and handle reversal pattern on the weekly chart. The breakout attracted trend followers and breakout buyers. The increased buying activity sparked a run that saw the market climb to 62.419 in September 2013. In three years, the Australian Dollar grew by over 48% against the Indian Rupee.

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At this price point, the market flashed bearish signals. A bearish divergence was spotted on the weekly RSI. Also, bulls failed to close above 60.00 on the weekly and monthly charts. This indicated that bulls were exhausted. Those who understood these signals took profits.

The heavy selling pressure drove the pair down to support of 54 in January 2014. While AUD/INR managed to bounce, it could only go as high as 57.553 in August 2014. The lower high killed the market’s bullish momentum. This triggered a selling frenzy that activated the head and shoulders pattern on the weekly chart. As a result, the market plummeted to 45.847 in October 2015.

The pair has been rallying since. This could be your chance to buy the breakout.

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Technical analysis show that AUD/INR is looking to take out resistance of 51.60. This comes after the pair generated a series of higher lows with the most recent one at 48.388 in December 2017. The breakout would trigger the huge ascending triangle pattern on the weekly chart.

The strategy is to buy the breakout at 51.60. As long as bulls stay above 51.00, they have all the momentum they need to climb to our target of 57.60.

The process may take more than six months.

Monthly Chart of AUD/INR

As of this writing, the Australian Dollar/Indian Rupee pair is trading at 51.215.

Summary of Strategy

Buy: Breakout at 51.60.

Target: 57.60

Stop: Close below 50.

 

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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3.7 stars on average, based on 169 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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