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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.

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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

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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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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!

  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. [email protected]

    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: Ethereum Classic

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The daily chart gives us a bullish signal. If we look at the 4H chart, we can see a fail attempt to break SMA100 and the strong resistance level. The market formed a new swing high which can be used for placing pending orders for buy. If the price can move above this level, we’ll get a trend reversal signal and a new buy opportunity. Long trades will be opened in the same direction as the main movement on the higher time frame. Entry level is 0.035300 with stop orders at 0.029500 level. Profit targets are 0.042000 for short term and 0.050000 for long term trades. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

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Market: ETCETH
Buy: 0.035300
Stop: 0.029500
Profit Targets: 0.042000 and 0.050000

The trading signal is based on Poloniex chart.
Disclaimer: The analyst does not have investments in Ethereum Classic.

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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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Trade Recommendation: Monaco

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The market tried to pass through the cloud and confirm the trend reversal. Now we have a retracement to the uptrend line. The market formed a new swing high which can be used for placing pending orders for buy. If the price breaks this level, it will be a confirmation that the market is going to start a new uptrend. DMI confirms trend market conditions and the power of bulls. It’s a good buy opportunity. Entry level is 0.001400 with stop orders below the previous swing low at 0.000900 level. The profit target for short term trading is 0.002000 resistance level. The profit target for long term trading is 0.005600 resistance level. It’s also possible to leave the part of trade volume for long run. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

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Market: MCOBTC
Buy: 0.001400
Stop: 0.000900
Profit Targets: 0.002000 and 0.005600

The trading signal is based on Bittrex chart.
Disclaimer: The analyst does not have investments in Monaco.

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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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Trade Recommendation: Gnosis

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Gnosis became extremely bearish on July 19, 2017. This is when the Gnosis/Bitcoin pair nosedived to 0.08362427 from a high of 0.16094199 generated on June 30. That’s a 44.6% loss in value in less than three weeks. The pair continued to drop until it found support at 0.0085 on November 2. The accumulation period was disturbed when the market suddenly broke that support level on December 7 and plunged to 0.0065. However, it was a false breakdown, and the market quickly recovered to 0.0085.

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The false breakdown, known as the Spring pattern, is bullish. As market participants coughed up their positions, the number of sellers in the market was significantly decreased. This enabled the pair to breach resistance at 0.022 in less than a month.

Technical analysis show that the market has successfully broken out of a bullish reversal pattern, but it is currently pulling back. This slight dip is healthy as new buyers come in to absorb positions sold by participants who bought around 0.0085. More importantly, this is a good opportunity for you to come in and ride the uptrend in its infancy.

The strategy is to buy as close to 0.022 as possible. The market must turn this level into firm support so it can reach our target of 0.038.

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Daily Chart of Gnosis/Bitcoin on Poloniex

As of this writing, the Gnosis/Bitcoin pair is trading at 0.02384999 on Poloniex.

 

 

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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