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Trade Recommendation: QTUM

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QTUM could be ready for a quantum leap to the upside. On the QTUMBTC daily chart we see the price has surpassed and closed above the Monthly Pivot Range high, this is a significant event in that it demonstrates the bias has shifted from the many weeks of bearishness, to one of bullishness.

The 14 Day Pivot Moving Average (red line) has crossed the yellow 30 Day Pivot MA and the white 50 Day Pivot MA so this is clearly bullish . There are no other key Pivot levels that are in the way of a long term move up.

The action to take is to place a buy order to enter the market long. The support level near term should be the Monthly Pivot high but look for longer term support all the way down to the Monthly Pivot low. This is a long term trade so be patient by placing your stop loss far enough away to avoid getting prematurely stopped out.

This is a good risk reward ratio within a high probability setup with a lot of support.

Entry Price: 22.00
Stop Loss: 19.90
Profit Targets: First profit target 27.88. Second profit target 34.90. Once price reaches 25.50 raise the stop loss to breakeven. Then if the market follows through to higher levels manage the trade by trailing a stop loss 2.00 points behind until second profit target is reached or stopped out.

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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3.7 stars on average, based on 78 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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2 Comments

2 Comments

  1. FalconX

    April 23, 2018 at 6:53 am

    great setup thanks for the signal

  2. aramistbm

    April 23, 2018 at 8:51 am

    Hi did you mean 0.002200 and not $22?
    Thanks!

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Trade Recommendation: NEO

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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.

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3.8 stars on average, based on 308 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.




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Trade Recommendation: Komodo

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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.

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3.8 stars on average, based on 308 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.




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Trade Recommendation: WINGS

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WINGS (WINGS/Bitcoin) bounced off lows of 0.00001702 on September 12, 2018. At that price level, the market lost over 90% of its value from last year’s peak of 0.00018. Nevertheless, the heavy losses inspired bottom pickers and bargain hunters to come together and start a buying frenzy. This ignited a strong rally that enabled WINGS to take out the top end of the range of 0.00003088 and climb as high as 0.00004173 on November 7.

At that point, WINGS needed to flip 0.00003088 resistance into support in order to trend higher. Unfortunately, bears reclaimed the resistance as market participants took advantage of the rally to lock in gains. This sparked a selling activity that saw WINGS drop to our range low. The good news is this allows us to bottom pick the market.

Technical analysis shows that WINGS/BTC is trading sideways. This view comes after the market respected our range low of 0.0000184. With bulls successfully defending the support, we now have a double bottom pattern on the daily chart. This tells us that a durable low is in.

In addition, the drop to the bottom end of the range has given technical indicators the time they need to cool off. The daily RSI is far from overbought territory. Also, we can see how volume significantly declined ever since WINGS tapped the range high. This tells us that the market’s sentiment is shifting from profit-taking to base-building.

The strategy is to buy as close to 0.0000184 support as possible. As long as WINGS/BTC stays above this level, it will likely gather the momentum to rally to our target of 0.00002458. Take that out and the next target is 0.00003088.

The process may take a month.

Daily Chart of WINGS/Bitcoin on Binance

As of this writing, the WINGS/Bitcoin pair is trading at 0.00002004 on Binance.

Summary of Strategy

Buy: As close to 0.0000184 as possible.

Targets: 0.00002458 and 0.00003088.

Stop: 0.0000177

 

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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3.8 stars on average, based on 308 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.




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