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Trade Recommendation: Short Bitcoin

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A vertical ascent is virtually impossible to sustain. After moving above 19,000 on December 16 on Bitstamp from 6,525.17 on November 13, the market plunged along with all the euphoria behind it. It went to as low as 11,159.93 on December 22, creating a hammer candle on the bi-hourly chart. Bitcoin rallied to as high as 16,480.52 today, but unfortunately, buyers at this level were scarce as shown by the decrease in volume.

The cryptocurrency effectively failed to break resistance at 16,500 and in the process, it created a lower high which potentially signals the end of the bull run. Bitcoin’s bi-hourly chart shows a massive bearish structure that hinges on support at 14,000. If the cryptocurrency moves below this level, the trend will be reversed and Bitcoin could fall to as low as 9,000.

The strategy is to wait for Bitcoin to break support at 14,000. The ideal situation is for the market to initially hold that support level. The ensuing rally will most likely fail to move above resistance at 15,800. That price action should increase the likelihood of Bitcoin’s nosedive to 9,000.

Bi-Hourly Chart of Bitcoin on Bitstamp

As of this writing, the Bitcoin/Dollar pair is trading at 15,184 on Bitstamp.

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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3.6 stars on average, based on 236 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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14 Comments

14 Comments

  1. cryptovirtualwallet

    December 27, 2017 at 9:45 pm

    Sure looks like a higher low followed by a higher high set to me… Are we just ignoring the data between the Dec. 22nd bottom and today for our own bias and desires?

  2. emceeanders

    December 27, 2017 at 10:06 pm

    Also is contrary to Dmitry’s trade recommendation from the other day…

  3. fb212

    December 27, 2017 at 11:25 pm

    Hey,

    Where can I place these recommendations?
    Markets.com crypto positions are closed and plust500 allows you only for 3 days to open crypto.

    Maybe you can recommend where can I use your recommendations so I can place orders with STOPLOSS and TAKEPROFIT together? For example LTC/USD ETH/USD LTC/BTC ETH/BTC STRAT/BTC etc etc

    Thank you very much!

    • Pahnan9@gmail.com

      December 28, 2017 at 1:44 am

      Also would love to know this info!

    • HB1981

      December 28, 2017 at 1:49 am

      Kraken
      Gdax
      Bitfinex
      Bitstamp
      poloniex
      Bittrex

      To name a few!

  4. MinerMatt17

    December 28, 2017 at 12:42 am

    Do you guys talk at all when you write these articles. Two days ago, bitcoin was a buy once it broke 15,100. Now it is still at 15,300 and you are saying sell.

    I am going to have to not renew my subscription. Not because of inaccurate recommendations which are excusable, but just a lack of consistency. I can’t stand losing money because you guys sway with the wind. If bitcoin was a buy two days ago, it is still a buy, nothing changed fundamentally.

  5. orthoformation

    December 28, 2017 at 12:58 am

    Yep, can’t help but notice the inconsistency in trade recommendations…
    Also, on this specific one : Volume does NOT confirm the head and shoulder pattern…
    …and overall, on a bigger timeframe, BTC is in the middle of a downward, corrective 4th wave, which will be followed by an upward 5th.
    …Dip to $9k ? Doubt it. Not before it reaches new highs in the 23k range (and then the downard dip is very not likely to go as low as 9k).

  6. Pahnan9@gmail.com

    December 28, 2017 at 1:43 am

    literally just a subscribed 2 minutes ago and came Upon these comments. I really have no knowledge about trading but want to learn more, and was hoping I could use hacked to help me along with that.

  7. fredricschwartz

    December 28, 2017 at 3:43 am

    These are just trading ideas and this particular strategy plays out if Bitcoin breaks support at 14,000. If you guys want to trade, you have to be adaptable to the situation. With that being said, Kiril states –> “If the cryptocurrency moves below this level, the trend will be reversed and Bitcoin could fall to as low as 9,000.”

    • MinerMatt17

      December 28, 2017 at 3:58 am

      You are giving them to much credit. They just seem to make stuff up as the wind blows. You don’t make trade recommendation and then completely 180 it, for no apparent reason 36 hours later.

  8. bukuk

    December 28, 2017 at 7:59 am

    now BTC already broke $14,000 support. pity i followed the btc reccomendation before 🙁

  9. HB1981

    December 28, 2017 at 8:58 am

    Guys they are recommendations, not a given. Always keep thinking on your own.
    Me too found it a bit confusing with Dimitry’s recommendation. But let’s be honest, we are in a very weird market. (always but now especially) The last few weeks/months, we had it easy because everything was going up and most recommendations were spot on. But you already noticed with a few other recommendations they didn’t work out, or way less then targeted. Keep thinking for yourself! look at tradingview, one side is saying we’ll go to 20K the other side is saying 9K. We won’t know untilll it happens… If these guys would be right all the time and all targets would have been met. We would all be millionaires by know… Damn that would be easy tho. Lets hope it breaks 14000 and crashes! cheers happy trading!

    • MinerMatt17

      December 28, 2017 at 3:17 pm

      I don’t care about being right or wrong. I care about having a consistent message. One that doesn’t change on the largest coin, in a 36 hour period for no reason. This short call was made before South Korea made their announcement, so there either was no reason fro the reversal, or there was no reason to give the by call once it broke 15,100. You can’t have both.

      Again, I don’t care if you are wrong. I care that the authors seem to make posts without talking to one another.

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Recommendations

Trade Recommendation: ICON

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The ICON/Bitcoin (ICX/BTC) pair breached resistance of 0.00009 on August 17, 2018. This enabled the pair to break out from the large falling wedge pattern on the daily chart. The price action attracted breakout players who helped push the market to as high as 0.0001458 on August 27.

At that point, the market started to pull back as some bottom pickers and breakout traders took profits. ICX/BTC dropped to 0.0000842 on September 12 before bulls swooped in and lifted the market above the breakout. This price action indicated that the end of the consolidation is in sight.

Technical analysis shows that ICX/BTC is carving a bullish higher low setup at 0.00009. This is a very encouraging signal because it validates the breakout and gives participants a key support area to rely on. More importantly, it confirms our view that the market is in the early stages of an uptrend.

In addition, ICX/BTC has been relatively quiet for about a couple of weeks, but that changed yesterday when price, RSI, and volume suddenly surged. This might be an indication that the market is ready to resume its uptrend.

The strategy is to buy as close to 0.00009 as possible. As long as the market is above this level, it has the momentum to rally to our target of 0.00018.

The process may take less than a month.

Daily Chart of ICON/Bitcoin on Binance

As of this writing, the ICON/Bitcoin pair is trading at 0.0000987 on Binance.

Summary of Strategy

Buy: As close to 0.00009 support as possible.

Target: 0.00018

Stop: 0.000084

 

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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3.6 stars on average, based on 236 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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Recommendations

Trade Recommendation: Ontology

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The Ontology/Bitcoin (ONT/BTC) pair took out resistance of 0.00022 on August 16, 2018. The breach triggered the breakout from the large descending channel on the daily chart. The price action inspired a rally that saw ONT/BTC climb to as high as 0.0004357 on August 18.

At that point, bottom pickers and breakout players took profits. As a result, the pair slid to 0.0002514 on September 12 before bulls took charge and ended the consolidation period.

Technical analysis shows that Ontology/Bitcoin has broken out of a bullish pennant pattern on the daily chart. The breakout happened yesterday, September 21, when the pair took out resistance of 0.0003.

Technical indicators are backing up our view. The volume of ONT/BTC has been decreasing after the pair broke out from the descending channel on August 16. Volume reduction is a key characteristic of a bullish consolidation. Yesterday, however, volume significantly increased, which most likely signals the resumption of the uptrend.

We can see the same action on the RSI. Momentum surged as the pair broke out of the bullish pennant.

The strategy is to buy at the current price level of 0.0003. If bulls can stay above this level, they will attract the momentum required to rally to our target of 0.00055.

The process may take less than a month.

Daily Chart of Ontology/Bitcoin on Binance

As of this writing, the Ontology/Bitcoin pair is trading at 0.0003 on Binance.

Summary of Strategy

Buy: At current price level of 0.0003.

Target: 0.00055

Stop: 0.00028

 

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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3.6 stars on average, based on 236 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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Recommendations

Trade Recommendation: aelf

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The aelf/Bitcoin (ELF/BTC) pair took out resistance of 0.000058 on September 1, 2018. The breach enabled the pair to breakout from the large falling wedge pattern on daily chart. Unfortunately for breakout buyers, ELF/BTC immediately retraced. It even went as low as 0.00004593 on September 12.

Because of this price action, many would doubt the validity of the breakout. Some may even say that it was a bull trap. Be that as it may, what’s important is that ELF/BTC is showing signs of stability. This is the reason why we’re talking about this trade today.

Technical analysis shows that ELF/BTC appears to be creating a durable bottom at 0.00005 support. Bears tried their hardest to breach the support but they were exhausted. This enabled bulls to wrangle momentum away from them. You can see that the momentum is shifting as the RSI prints a bullish divergence.

An important thing to note is that the market dropped to 0.00005 support on August 14. So if ELF/BTC respects this area one more time, it can mean that a double bottom structure is in play.

The strategy is to buy as close to 0.00005 as possible. If bulls defend the support, they will attract the momentum needed to rally to our target of 0.000093.

The process may take a month.

Daily Chart of aelf/Bitcoin on Binance

As of this writing, the aelf/Bitcoin pair is trading at 0.0000512 on Binance.

Summary of Strategy

Buy: As close to 0.00005 support as possible.

Target: 0.000093

Stop: 0.000048

 

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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3.6 stars on average, based on 236 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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