Connect with us

Recommendations

Trade Recommendation: Pundi X

Published

on

Altcoin season is in the air. If you’re not feeling it, then it’s probably because the season is moving inversely this time.

In 2017, the season started when big-cap names such as Ethereum, Ripple, and Monero made big moves at around the same time last year. Nowadays, these altcoins are frozen as they trade in a narrow range with very little volume. However, small-cap alts such as Ravencoin (RVN/BTC), ChainLink (LINK/BTC) and DOCK (DOCK/BTC) have risen by anywhere between 100% – 300%. We believe that the next candidate for a big push is Pundi X/Bitcoin (NPXS/BTC).

Technical analysis shows that NPXS/BTC is gearing to ignite a massive bull run. Right now, the market is still in accumulation mode as it is trading in a range between 0.00000021 and 0.00000030. However, we are seeing signs that tell us that this phase may be over soon.

Yesterday, October 22, the market got a massive volume influx of 11.198 billion Pundi X units. That figure is over 485% of its daily average. This suggests that the smart money is heavily buying positions at this level. In terms of timing, the volume uptick hints that we are at the latter stages of base building. The smart money bought heavy positions because the train is about to leave the station.

The strategy is to buy the breakout at 0.00000030 after NPXS/BTC generates volume of 4 billion Pundi X units. Those who bought at the bottom end of the range might take profits at the resistance. The market needs buyers to absorb the selling pressure and attract breakout traders.

Once breakout is complete, the market will likely have the momentum to rally to our initial target of 0.00000052 first and then 0.00000070.

The process may take a month.

Daily Chart of Pundi X/Bitcoin on Binance

As of this writing, the Pundi X/Bitcoin pair is trading at 0.00000025 on Binance.

Summary of Strategy

Buy: Breakout at 0.0000003 after volume of 4 billion Pundi X units is met.

Target: 0.00000052 first and then 0.00000070.

Stop: 0.00000028 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.

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.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

3.8 stars on average, based on 309 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 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.




Feedback or Requests?

Recommendations

Trade Recommendation: ETHLend

Published

on

ETHLend (LEND/BTC) is a market that looks poised to touch the range high. Let me explain. This pair started to build its base on August 14, 2018, when it dropped to as low as 0.0000018. ETHLend worked hard to carve a bottom at that level. However, bears managed to breach the support on September 11. This drove ETHLend to its 2018 low of 0.00000141 on September 12.

Fortunately, bulls came to the rescue and lifted the market back up to 0.0000018 support on September 16. The move below the support became a bear trap. This ignited a strong rally to 0.00000431 where it was rejected by the 200-day moving average on October 28. Participants who saw this signal dumped their positions. As a result, ETHLend revisited the range low of 0.0000018.

The good news is the dump allows us to bottom pick the market.

Technical analysis shows that LEND/BTC has created a double bottom pattern on the daily chart. This structure tells us that the market has established a durable bottom at 0.0000018.

In addition, the market printed huge volume on January 14, 2019. The heavy volume pushed the market up to 0.0000027 where it was once again rejected by the 200-day MA. Nevertheless, the volume uptick is a signal that market is almost done accumulating. If that’s the case, we can expect ETHLend to pump in the coming days.

The strategy is to buy on dips as close to 0.0000018 as possible. As long as bulls hold this support, they will likely ignite a rally to the range midpoint of 0.0000026 and then the range high of 0.00000342 that was mentioned in the beginning of the article.

The process may take less than a month.

Daily Chart of ETHLend/Bitcoin on Binance


As of this writing, the ETHLend/Bitcoin pair is trading at 0.00000232 on Binance.

Summary of Strategy

Buy: On dips as close to 0.0000018 as possible.

Targets: 0.0000026 and 0.00000342.

Stop: 0.00000174

 

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.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

3.8 stars on average, based on 309 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 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.




Feedback or Requests?

Continue Reading

Recommendations

Trade Recommendation: NEO

Published

on

NEO (NEO/USD) looks like a market that wants to break out of accumulation. The market started the accumulation process on December 7, 2018 when it established support of $5.50. This crypto traded around that level for a couple of weeks until a surge in volume showed participants that the market was ready to move higher. The volume uptick ignited a rally that sent the market to as high as $9.36 on December 24, 2018.

If the market was still bearish, NEO would have dumped back down to $5.50 support or even went below it. However, the market generated a higher low set up of $6.92 on December 28, 2018. That was enough for many to start placing long positions in the market.

Technical analysis shows that NEO/USD breached resistance of $9 on January 8, 2019. This triggered the break out from an inverse head and shoulders pattern on the shorter time frames. As a result, the market rallied to as high as $10.08 on January 9.

While NEO is currently pulling back, the rally gave the market its first higher high in months. If NEO can stay above support of $7.30, the market’s sentiment will turn from neutral to slightly bullish.

The strategy is to buy on dips as close to $7.30 support as possible. The 100 moving average on the 12-hour chart as well as the 200 moving average on the 4-hour chart are crawling around that price area. They will help keep the price above the support.

Should the price manage to stay above $7.30, the market will likely generate the momentum to rally to our target of $9.00. Take that out and the next target is $13.50.

The process may take a less than month.

12-hour Chart of NEO/US Dollar on Binance

As of this writing, the NEO/US Dollar pair is trading at $7.86 on Bitfinex.

Summary of Strategy

Buy: As close to $7.30 as possible.

Targets: $9.00 and $13.50.

Stop: $7.10

 

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.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

3.8 stars on average, based on 309 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 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.




Feedback or Requests?

Continue Reading

Recommendations

Trade Recommendation: Komodo

Published

on

Komodo (KMD/BTC) printed a fresh 2018 low of 0.00013 on November 24. At that price, the market lost almost 90% of its value from last year’s high of 0.0012598. More importantly, KMD/BTC breached the line in the sand of 0.000154. This means that the market had no known support below that level. In other words, there was no way of knowing when Komodo might bottom out.

Thus, we had to wait for one of two things to happen for this coin to become tradeable. The first is to wait for the market to establish a new support. The second is to see whether the market can reclaim 0.000154. Fortunately, Komodo preferred the second option.

After reclaiming 0.000154, it rallied to as high as 0.0002509 on December 31. While the market is currently pulling back, it is giving us the opportunity to buy the bottom end of the range.

Technical analysis shows that KMD/BTC is headed to support of 0.000154. This view comes after the market broke below the range midpoint of 0.0001968 on January 6, 2019. Komodo then retested it as resistance on January 10.

On top of that, Komodo is also forming a bear flag on the shorter time frame. This suggests that the continuation of the short-term bearish trend. Also, the market just breached its diagonal support while creating the bear flag. With this breakdown, we can form the expectation that Komodo is going down to the range low.

The strategy is to be patient and buy as close to 0.000154 support as possible. As long as KMD/BTC stays above this level, we are correct to assume that the market is currently trading sideways. Thus, after accumulation at the range low, Komodo will likely climb to our initial target of 0.0001968. Take that out and the next target is 0.000239.

The process may take a month.

Daily Chart of Komodo/Bitcoin on Binance

As of this writing, the Komodo/Bitcoin pair is trading at 0.0001791 on Binance.

Summary of Strategy

Buy: As close to 0.000154 as possible.

Targets: 0.0001968 and 0.000239.

Stop: 0.000148

 

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.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

3.8 stars on average, based on 309 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 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.




Feedback or Requests?

Continue Reading

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending