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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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3.7 stars on average, based on 179 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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Trade Recommendation: GBP/NZD

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The British Pound/New Zealand Dollar pair (GBP/NZD) has been in a downtrend since May 2009 when it broke below support of 2.60. This triggered the double top reversal pattern on the monthly chart. The breakout from the bearish pattern inspired a selling frenzy. The pair then generated a series of lower highs and lower lows until it showed some signs of stability at 1.62266 in October 2016. In over seven years, the British Pound lost more than 60% of its value against the New Zealand Dollar.

At this price level, GBP/NZD flashed reversal signals. First, the monthly candle was a hammer. This suggested the presence of buyers below 1.70. Second, the pair was in extreme oversold conditions on the weekly chart. Lastly, there was an exponential increase in volume when the pair dropped to this level.

With the pair showing bullish signs, more and more bottom pickers entered the buying scene. GBP/NZD rallied to as high as 1.89631 in May 2017. While bears managed to resist the advance, bulls eventually claimed the territory.

Technical analysis reveal that the British Pound/New Zealand Dollar pair has taken out resistance of 1.90. This triggered the cup and handle reversal structure on the weekly chart. The breakout was affirmed by a strong rally to 1.98396 in December 2017. The market has been consolidating since. This is your chance to buy the breakout.

The strategy is to buy as close to 1.90 as possible. As long as bulls stay above this support, they have all the momentum they need to rally to our target of 2.10.

The process may take more than three months.

Weekly Chart of British Pound/New Zealand Dollar on OANDA

As of this writing, the British Pound/New Zealand Dollar pair (GBP/NZD) is trading at 1.91059 on OANDA.

Summary of Strategy

Buy: As close to 1.90 as possible.

Target: 2.10

Stop: Close below 1.89.

 

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 179 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: district0x

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Our April 14, 2018 trade recommendation for the district0x/Bitcoin (DNT/BTC) pair hit the target on April 22 when it went as high as 0.00002304. Those who followed the trade recommendation grew their investments by at least 50% in about a week.

The trade recommendation also emphasized to sell immediately once the target is hit. It was evident that the pair was not yet ready to launch another bull run. As predicted, DNT/BTC broke below 0.00001 support on May 21. This triggered a waterfall event that saw the pair drop to as low as 0.0000058 on June 13. The good news is the pair appears to be ready for a bounce.

Technical analysis reveal that district0x/Bitcoin may be bottoming out at 0.000006 support. This view comes after the pair broke below this level on June 13 but bulls swooped in to take back the support. Also, a long hidden bullish divergence can be seen on the daily chart. This indicates underlying strength. Lastly, the pair is still near oversold conditions.

The strategy is to buy as close to 0.000006 support as possible. If bulls can carve a bottom here, they will attract the momentum they need to move to our target of 0.00001.

The process may take less than a month.

Daily Chart of district0x/Bitcoin on Binance

As of this writing, the district0x/Bitcoin pair is trading at 0.00000635 on Binance.

Summary of Strategy

Buy: As close to 0.000006 as possible.

Target: 0.00001

Stop: 0.0000058

 

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 179 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: Litecoin

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Litecoin is looking good with near term and mid term Pivot Ranges below our current price level at the opening of the new session. We call this the Pivot Stack, when Pivots are grouped together, this is a sign of consolidation in price as an important level of support & resistance. Notice also the previous Pivots grouped together in the previous session. The price moved through all of these levels with significant strength or like a “hot knife through butter”. When this happens it is a sign the market has real strength behind it and could have a lot more left in the move.

The Daily Pivot Moving Averages are also turning bullishly upward.

The action to take is to buy if the price trades at or above the ‘A’ up line for at least 15 consecutive minutes. Place the stop loss below the Pivot Stack and the swing low, and the profit targets as stated.

If the trade signal is not triggered by end of the session, cancel the orders.

Entry Price: 99.69
Stop Loss: 92.80
Profit Targets: First profit target 108.20 . Second profit target 112.30. Once price reaches first profit target bring stop loss to breakeven (entry point).

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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3.9 stars on average, based on 74 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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