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Trade Recommendation: SALT

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The SALT/Bitcoin pair (SALT/BTC) started its bull run on December 21, 2017 when it went above resistance of 0.0006. The bullish price action gave the pair the boost to go as high as 0.001232 on December 29. In a little over a week, SALT/BTC climbed by over 105%. The rapid growth inspired those who bought the breakout to take profits.  

Faced with heavy selling pressure, the pair tumbled to 0.000606 on January 5, 2018. Sensing that a higher low as in place, bottom pickers bought the dip and pushed the price up to 0.001244 on January 8. On the same day, however, the market closed at 0.000955, creating a long wick above the daily candle’s body. This indicated that selling pressure was still heavy and bulls can no longer sustain the ascent. As a result, the market went into a freefall as it broke below one support after another.

Technical analysis show that the break of SALT/Bitcoin below 0.00032 support on March 17 may have been a false breakdown. Bulls have managed to take back the support yesterday, March 21, with extremely high volume of 1.704 million units of SALT when the daily average is about 500,000. The price action suggests that bulls are ready to hold their ground. Also, it is important to note that the market has always respected this support level in its brief history.    

The strategy is to buy the current price level. If SALT/BTC preserves the 0.00032 support, it will likely create a base before it can ascend to our target of 0.0006. The process may take a month.

Daily Chart of SALT/Bitcoin on Binance

As of this writing, the SALT/Bitcoin pair is trading at 0.000318 on Binance.

Summary of Strategy

Buy: Current price level of 0.000318.

Target: 0.0006

Stop:  0.0003

 

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 191 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: OmiseGo/Ethereum

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The OmiseGo/Ethereum (OMG/ETH) pair lost about 45% of its value this year as it reached a low of 0.0148 on July 12. This sharp decline may give the impression that the market is extremely bearish. However, we believe that the pair is in sideways consolidation and we have the technicals to prove it.

Technical analysis show that OmiseGo/Ethereum is locked in a wide range between 0.015 and 0.03. This trend started in October 2017 when the pair established resistance at 0.03. Since then, bulls take over when OMG/ETH falls to 0.015 while bears take the market back when it rallies to 0.03. The recent drop to 0.015 presents an opportunity to once again trade the range.

Furthermore, we are confident that the market will bounce again because technical indicators are flashing reversal signals. First, the RSI has managed to turn its resistance into support while showing a bullish divergence. In addition, a bullish divergence can also be spotted on the daily MACD.

The strategy is to buy as close to 0.015 support as possible. If bulls preserve the support, a move to the top end of the range becomes very likely. The initial target is 0.02. Take that out and the market has an easier path to 0.03, but that may take some time.

The process may take more than a month.

Daily Chart of OmiseGo/Ethereum on Bitfinex

As of this writing, the OMG/ETH pair is trading at 0.015432 on Bitfinex.

Summary of Strategy

Buy: As close to 0.015 as possible.

Target: 0.02 first and then 0.03.

Stop: 0.0148

 

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 191 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: Dash

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The Dash/Bitcoin pair (DASH/BTC) shed over 56% of its value this year when it dropped to 0.33412 on July 12. This plummet can be disheartening even to the avid supporter. However, it seems that worst is over for the market. We have the technicals to support our view.

Technical analysis reveal that Dash/Bitcoin may be bottoming out at 0.0355 support. There are multiple bullish signals that support this claim.

First, we see bulls coming to the rescue when the pair dropped below 0.0355 support. The price action has trapped bears who sold their positions when the market breached that level. Based on experience, a false breakdown is often followed by a sharp rally.

Second, the bear trap was sprung just as DASH/BTC flashed extreme oversold conditions. The RSI quickly jumped and managed to breach its resistance. This is a good sign that bulls are gaining momentum.

In addition, we can see a large bullish divergence on the daily MACD. This indicates the market’s underlying strength. Lastly, the 4-day, 8-day, and 21-day moving averages are starting to the attach to the daily candle’s body. All of them are trending up.

The strategy is to buy as close to 0.0355 as possible. If bulls continue to defend this level, they will gather the momentum they need to climb to our target of 0.045. Take that out and we have a clear path to 0.055.

The process may take less than a month.

Daily Chart of DASH/BTC on Binance

As of this writing, the Dash/Bitcoin pair is trading at 0.03606 on Binance.

Summary of Strategy

Buy: As close to 0.0355 as possible.

Target: 0.045 and then 0.055.

Stop: 0.033

 

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 191 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: Bitcoin Cash/Ethereum

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The Bitcoin Cash/Ethereum (BCH/ETH) pair looked bearish on January 2, 2018 when it took out support of 3.00. This triggered the double top pattern on the daily chart. The price action triggered many stop losses. As a result, BCH/ETH nosedived to as low as 1.1526 on February 1.

The good news is the market appears to be gaining strength. We have technicals to support our view.

Technical analysis show that Bitcoin Cash/Ethereum is creating an ascending broadening wedge on the daily chart. With each swing, the market creates more and more momentum by creating higher highs and higher lows. What’s impressive is that technical indicators have shown signs of sustainability so far.

First, the MACD has managed to stay above support of -0.07. On top of that, the RSI has managed to bounce every time it flashed oversold readings. Lastly, the daily candle has always stayed close to the 4-day, 8-day, and 21-day moving averages. There were little to no instances where all three moving averages were detached from the daily candle.

The strategy is to buy as close to 1.55 support as possible. If the market manages to stay above this level, the incoming rally will be huge. Initial target is 2.20. Take that out and we have a clear path to 3.00.

The process may take more than a month.

Daily Chart of Bitcoin Cash/Ethereum on Bitfinex


As of this writing, the BCH/ETH pair is trading at 1.5729 on Bitfinex.

Summary of Strategy

Buy: As close to 1.55 as possible.

Target: 2.20 first and then 3.00.

Stop: 1.50

 

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 191 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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