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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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3.7 stars on average, based on 270 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: Ravencoin

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We’ve been watching Ravencoin/Bitcoin (RVN/BTC) for some time now. We have a gut feeling that it has ultra-bullish potential. That’s because it climbed from a low of 254 satoshis on October 15, 2018, to its all-time high (ATH) of 1,045 satoshis on October 22. That’s an increase of over 311% in seven days.

Of course, everything is subject to the laws of gravity, especially the cryptocurrency market. Ravencoin has been dropping after posting its ATH. The good news is it is nearing a level where the risk and reward ratio is highly-favorable.

Technical analysis shows that RVN/BTC is creating a large falling wedge on the 4-hour chart. So far, Ravencoin is following the script. It bounced off the C-wave when it dropped to 440 satoshis on November 15. We’re expecting this dead-cat bounce to go as high as 514 satoshis before one final dump.

This dump should take the market as low as 430 satoshis. We expect this area to be a high demand zone. After all, RVN/BTC used it to stage its first ever parabolic run.

On top of that, the RSI is also creating a large falling wedge the pattern. The next drop should take the indicator to extreme oversold territory and possibly a double bottom structure.

The strategy is to buy the dip as close to 430 satoshis as possible. If RVN/BTC defends its parabolic support, then we can expect it to bounce to our initial target of 622 satoshis. Take that out and 785 satoshis is in sight.

The process may take more than a month.

4-Hour Chart of Ravencoin/Bitcoin on Binance

As of this writing, the Ravencoin/Bitcoin pair is trading at 483 satoshis on Binance.

Summary of Strategy

Buy: As close to 430 satoshis as possible.

Target: 622 first and then 785 satoshis.

Stop: 410 satoshis.

 

NOTE: a satoshi is the smallest unit of Bitcoin, which equals to 0.00000001 BTC.

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 270 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: EOS

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Just like most cryptocurrencies, EOS (EOS/USD) has had a rough 24 hours. Yesterday, November 14, 2018, the market opened at $5.2947. Before the day closed, this coin dropped to as low as $4.4610. In short, the market dropped by as much as 15.75% in one day.

Many would have been stopped out by this move. After all, the sudden decline looked convincing. Yesterday, EOS printed volume that’s over 490% of its daily average. This was the highest volume buzz of EOS since September 6. With this big drop, however, volatility has returned and with it comes opportunities for quick profits.

Technical analysis shows that EOS/USD is ripe for a bounce. Even with this retracement, this crypto still managed to stay within the three-month range of $4.50 to $6.30. Take note, the market quickly rallied and closed November 14 at $4.7656 after plummeting to as low as $4.4610. This created a wick below the daily candle’s body, which suggests that the smart money is buying.

More importantly, the preservation of the $4.50 support has bullish implications. If bulls hold it, EOS will create a double bottom structure. The double bottom also appears on the 4-hour RSI. On top of that, the 4H RSI is in extreme oversold territory. With these signals, it appears that this cryptocurrency is ready for a solid bounce.

The strategy is to buy the retest of support as close as $4.50 as possible. Bears will try to breach this range so stay alert and don’t hesitate to hit the stop loss when it’s hit. However, if bulls hold on, we will likely see the coin climb to our targets of $5.50 and then $6.30.

The process may take more than a month.

Daily Chart of EOS/US Dollar on Bitfinex


As of this writing, the EOS/US Dollar pair is trading at $4.5572 on Bitfinex.

Summary of Strategy

Buy: As close to $4.50 as possible.

Target: $5.50 first and then $6.30.

Stop: $4.30

 

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 270 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: CloakCoin

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The CloakCoin/Bitcoin pair (CLOAK/BTC) took out resistance of 0.0005 on October 24, 2018. This triggered the breakout from the rounding bottom pattern on the 4-hour chart. The breakout looked valid as well. On that day, CloakCoin generated volume that’s over 540% of its daily average.

The heavy volume breakout attracted traders who were on the sidelines. This sparked a rally to as high as 0.0005678 on the same day. At that point, however, the market began to show signs of weakness. First, it was trading at oversold territory on the 4H chart. In addition, CloakCoin generated a bearish divergence. These were all indications that CloakCoin was ripe for profit-taking.

With bottom-pickers and breakout traders locking in gains, the market pulled back. Nevertheless, this is an opportunity for us to buy the dip.

Technical analysis shows that CLOAK/BTC is looking to retest support of 0.0004. It appears that the market needs more time to build a base before it finally eliminates resistance of 0.0005. It is very likely that the market holds on to support of 0.0004 for these reasons.

First, the 4H RSI has been impressively generating a series of higher lows. The market will remain bullish as long as this trend continues.

In addition, volume has exponentially declined since the rally. This tells us that sellers are exhausted. They have little interest and energy to sell at the firm support area.

The strategy is to buy the dip as close to 0.0004 as possible. As long as bulls hold, they will likely build the momentum necessary to annihilate 0.0005 and rally to our targets of 0.0006 and then 0.00075.

The process may take a month.

Daily Chart of CloakCoin/Bitcoin on Binance


As of this writing, the CloakCoin/Bitcoin pair is trading at 0.0004115 on Binance.

Summary of Strategy

Buy: As close to 0.0004 as possible.

Target: 0.0006 and then 0.00075.

Stop: 0.0003885

 

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:

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3.7 stars on average, based on 270 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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