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Trade Recommendation: Ripple

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The Ripple/Bitcoin pair (XRP/BTC) has been bearish for almost all of 2018. It has been generating lower highs and lower lows in terms of price as well as momentum in the RSI. As of this writing, the market’s down by over 60% year to date. However, it appears that XRP/BTC is about to come alive.

Technical analysis show that Ripple/Bitcoin is gearing up to break out of the large falling wedge pattern on the daily chart. The breakout will most likely be triggered by tight supply.

The pair is in extreme oversold territory. This condition will keep supply a bit dry in the coming days. As it happens, XRP/BTC is also moving towards an area where demand exceeds supply at a price of 0.000053. This is a price point where the market broke out of a cup and handle pattern in December 2017 and started its bull run. In technical analysis, former resistance levels become firm support levels.

Lastly, we can see the market respect stochastic support of 6.66. Historically, XRP/BTC has bounced strongly after touching this level.

The strategy is to buy as close to 0.000053 as possible. If bulls succeed in defending the support, we can expect a strong rally to our initial target of 0.0000775. We’ll revisit this trade once the initial target is met. There might be a chance to buy on dips.

The process may take a month.

Daily Chart of Ripple/Bitcoin on Binance

As of this writing, the XRP/BTC pair is trading at 0.00005522 on Binance.

Summary of Strategy

Buy: As close to 0.000053 as possible.

Target: 0.0000775

Stop: 0.000052

 

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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3.9 stars on average, based on 328 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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6 Comments

6 Comments

  1. Msodenkamp

    July 29, 2018 at 5:28 pm

    Why dont you look at XRPUSD pair? It does not indicate that bullish picture?

  2. Msodenkamp

    July 29, 2018 at 5:28 pm

    Why dont you look at XRPUSD pair? It does not indicate that bullish picture

    • Kiril Nikolaev

      July 29, 2018 at 5:42 pm

      Those are different markets. Though they have some correlation, they require two different technical analyses.

      • Msodenkamp

        July 29, 2018 at 6:32 pm

        Sure these are different markets. But for those who is looking to increase portfolio value of $ and not BTC, what are the technical signs to enter xrp? I do not see buy signals on xrp-usd/usdt charts, but am very curious about your opinion. All altcoins are extremely oversold vs btc, but not vs $…

        • Kiril Nikolaev

          July 29, 2018 at 6:36 pm

          Oh I see what you are asking. That will require another article analysis. But in general, we are still not quite out of the woods yet in this bear market. There might still be dips ahead before we see a major bull run. At least that’s my opinion.

          • Msodenkamp

            July 29, 2018 at 6:44 pm

            Thank you Kiril for your valuable opinion. I am impatiently looking forward for your analyses vs USD / USDT.

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Trade Recommendation: 0x (ZRX)

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The primary reason why we don’t allow the fear of missing out lure us into buying coins that have already pumped is because markets always pull back. With a little patience, you can usually get your orders filled at your desired price or at least close to it.

Take for example 0x (ZRX/BTC). The market climbed as high as 0.000219 in May 2018. Almost a year later, 0x is back at the level where it started trading on Binance at 0.000063. If you bought the top and held on to your positions, you would have lost over 70% of your investments. Nevertheless, it appears that 0x is in a great position to make up for some of those losses. Thus, bottom-pickers and bargain hunters may want to look into this trade.

Technical analysis shows that ZRX/BTC may be printing a short-term bottom at 0.000063. This price area is a key level for the market. When 0x recovered this support in March 2018, it ignited a strong rally that sent the market to an all-time high of 0.000219 on Binance. Therefore, we expect savvy traders and bargain hunters to go long on the market at current levels.

So far, participants are reacting according to expectations. 0x showed signs of life as soon as it touched this level on February 14, 2019. On top of that, the daily RSI is printing a bullish divergence. This tells us that bullish momentum is on the rise.

The strategy is to buy as close to 0.000063 as possible. As long as 0x trades above this level, bulls will likely gather the momentum to climb to our target of 0.00008056.

The process may take less than a month.

Daily Chart of 0x/Bitcoin on Binance

As of this writing, the 0x/Bitcoin pair is trading at 0.0000641 on Binance.

Summary of Strategy

Buy: As close to 0.000063 as possible.

Target: 0.00008056

Stop: 0.0000605

 

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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3.9 stars on average, based on 328 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: 0x (ZRX)

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0x (ZRX/USD) has been on our radar since it breached support of $0.455 on November 19, 2018. At that point, we were interested in seeing whether 0x would recover the support. Bulls attempted to reclaim that price level twice but they were sent back on both occasions. As a result, this coin stumbled as it struggled to find its footing. After all, the market had no known support below $0.455 on Bitfinex.

The good news is that 0x is showing bullish signals. These signals tell us that the market is ripe for bottom picking.

Technical analysis shows that ZRX/USD is likely to carve a bottom at $0.22. This view came after the altcoin printed a yearly low of $0.2199 on February 6, 2019. The market immediately bounced after touching this level. Although it is very possible for ZRX to print a new low, the formation of a falling wedge on the daily chart makes us think otherwise. The wedge has been forming for over two months and its apex appears to be at $0.22.

Also, it is important to note that 0x is generating a large bullish divergence on the daily chart. This indicates that the market is slowly gathering bullish steam even though the price continues to fall.

The strategy is to buy on dips as close to $0.22 as possible. As long as 0x trades above this level, bulls will likely gather the momentum to hit our initial target of $0.3375.

The process may take less than a month.

Daily Chart of 0x/US Dollar on Bitfinex

As of this writing, the 0x/US Dollar pair is trading at $0.2344 on Bitfinex.

Summary of Strategy

Buy: As close to $0.22 as possible.

Target: $0.3375

Stop: $0.212

 

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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3.9 stars on average, based on 328 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: Monero

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We started watching Monero (XMR/USD) ever since it dropped to support of $38.50 on December 15, 2018. At that point, we were interested to see whether the support would hold. After all, this was the area of accumulation back in May 2017. Back then, the market range traded between $38.50 and $58.50 for three months before launching a disbelief rally in August 2017. Thus, it only makes sense for this privacy-focused coin to find support at these levels.

Fortunately, the market printed a 2018 low at exactly $38.50 on December 15, 2018. This attracted bottom pickers and bargain hunters who helped push Monero to as high as $60.05 on December 24, 2018. While the market has been pulling back since, this gives us a chance to buy cheap before Monero leaves its accumulation range.

Technical analysis shows that XMR/USD is starting to look bullish. This view comes after the market refused to revisit support of $38.50. Instead of dropping all the way down to our range low of $38.50, Monero worked really hard to claim our range midpoint of $46.17. It was able to do so on February 8, 2019. With the range midpoint now acting as support, Monero is very likely to touch our range high of $58.50 and possibly break out of it.

The price action on the shorter time frame appears to support this view. A quick look at the 12-hour chart shows that Monero is printing a bull flag. This pattern suggests continuation of the previous bullish move once consolidation is over.

The strategy is to buy on dips as close to $46.17 as possible. As long as Monero trades above this level, bulls will likely gather the momentum to hit our target of $58.50.

The process may take less than a month.

Daily Chart of Monero/US Dollar on Bitfinex


As of this writing, the Monero/US Dollar pair is trading at $48.65 on Bitfinex.

Summary of Strategy

Buy: As close to $47.10 as possible.

Target: $58.50

Stop: $44.40

 

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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3.9 stars on average, based on 328 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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