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Trade Recommendation: Siacoin

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Siacoin/Bitcoin (SC/BTC) looked promising in April 26, 2018 as it attempted to take out resistance of 0.000003 and kickstart a new bull run. The breakout looked good on paper. Volume skyrocketed, which sent the market to as high as 0.00000425 on the same day. Unfortunately for buyers above the resistance, the price action was used to dump positions.

The heavy selling pushed the market below 0.000003 on April 29. As often is the case, the false breakout sent the market down to the bottom end of the range. This gives us an opportunity to buy the bottom.

Technical analysis show that SC/BTC is respecting firm support of 0.0000012. We have technical indicators to support our view.

First, we can see that the RSI is in extreme oversold territory. However, it is bouncing from long-term support of 22. In other words, the market is likely not to go weaker at this point. This sentiment is shared by the stochastics. SC/BTC is bouncing from long-term support of 4.30, which is a level that has never been breached.

In addition, the small bounce that we saw recently due to oversold conditions should give SC/BTC the chance to break out from the falling wedge. This gives people more reason to be bullish about the pair as a double bottom pattern becomes possible.

The strategy is to buy as close to 0.0000012 as possible. If bulls hold on, there is likely to be a quick rally to our initial target of 0.0000016. Take that out and the next target is 0.0000024.

The process may take less than a month.

Daily Chart of Siacoin/Bitcoin on Bittrex

As of this writing, the SC/BTC pair is trading at 0.00000128 on Bittrex.

Summary of Strategy

Buy: As close to 0.0000012 as possible.

Target: 0.0000016 and then 0.0000024.

Stop: 0.00000115

 

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 267 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: Basic Attention Token

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The Basic Attention Token/US Dollar (BAT/USD) pair climbed as high as $0.3877 on November 8, 2018. This move was fueled by the anticipation associated with the market’s Coinbase listing. Many market participants believed that Basic Attention Token would pump after getting listed on the exchange. This logic is sound but the market is highly illogical so it moved in an unexpected manner.

BAT was a sell on news as it dumped 28% overnight after the Coinbase listing. It has been dumping in the last few days but it looks like the end is in sight.

Technical analysis shows that Basic Attention Token is en route down to support of $0.2375. We are confident that this area will hold for several reasons.

First, the market’s dump is so steep. It happened with very little consolidation and almost no pullbacks. This is not sustainable. It’s only a matter of time before bears face exhaustion.

On top of that, we looked at the 4H RSI and saw that it is resting above support of 32. The indicator is in near oversold territory. This tells us that bears cannot keep up this rampage for long.

Lastly, volume has been declining since the November 8 dump. This is another indication of bearish exhaustion. Without volume, bears will not have the strength to take out support of $0.2375.

The strategy is to buy the dip as close to $0.2375 support as possible. If bulls hold this support, the market will likely consolidate for a bit before bouncing to our target of $0.30.

The process may take less than a month.

4-Hour Chart of Basic Attention Token/US Dollar on Binance

As of this writing, the Basic Attention Token/US Dollar pair is trading at $0.25822 on Bitfinex.

Summary of Strategy

Buy: As close to $0.2375 as possible.

Target: $0.30

Stop: $0.2273

 

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 267 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: Ripple

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Ripple (XRP/USD) has been the strongest big cap cryptocurrency lately. Even if Bitcoin Cash (BCH/USD) made some big moves last week, Ripple kept in pace as it made breakouts of its own. On November 6, 2018, XRP/USD took out resistance of $0.50 and climbed as high as $0.562.

This was an important breach as $0.50 used to be the market’s parabolic support. Ripple skyrocketed on December 14, 2017, when it went above $0.50. It was flipped into a key resistance on June 22, 2018, during the height of the bear market. XRP/USD has been trying ever since to take it back for good. Today might be the day it does so.

Technical analysis shows that Ripple is currently retesting support of $0.50. We believe that bulls will hold for the following reasons.

First and most important, the 200-day moving average (MA) just crawled below the daily candle. This is a huge development. Moving averages act as supports or resistances depending on whether they’re below or above the candle. So instead of looking up and finding strong resistance in the 200-day MA, it is under the daily candle, giving it a very nice boost.

In addition, $0.50 is a key psychological level. If the market is above it, it becomes a demand zone. On the other hand, if Ripple is below it, it becomes a supply area. Right now, Ripple is around that level.

Almost no one’s selling at these levels because participants know it is a buy zone. With no one selling, positions are scarce, hence the low volume.

The strategy is to buy at the current price of just under $0.50. If Ripple successfully completes the retest, the market will likely break out of the triangle and rally to our target of $0.70

The process may take a month.

Daily Chart of Ripple/US Dollar on Kraken


As of this writing, the Ripple/US Dollar pair is trading at $0.49475 on Kraken.

Summary of Strategy

Buy: Current price of $0.49554.

Target: $0.70

Stop: $0.47

 

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 267 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: Decentraland

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The Decentraland/Bitcoin pair (MANA/BTC) took out resistance of 1,230 satoshis on November 8, 2018. This triggered the breakout from the inverse head and shoulders reversal pattern on the 4-hour chart. The breakout looked strong as well. On that day, MANA/BTC generated volume that’s over 430% of its daily average. This sparked a rally to 1,462 satoshis on the same day.

Before November 8 closed, however, MANA/BTC started to show signs of weakness. It started to print a long wick on top of the 4-hour candle’s body. On top of that, the RSI was in extreme overbought territory. Also, it created a double top at resistance of 77 RSI. These are very good signals to start locking gains and that’s what we’re saw a few hours ago. Nevertheless, there may be a good chance to buy when MANA dips again.

Technical analysis shows that MANA/BTC is looking retest support of 1,230 satoshis. This pullback should give technical indicators time to cool off. More importantly, it helps the market create a new base of buyers. The new batch of bulls will be instrumental in the pair’s uptrend.

But first, MANA/BTC must complete the retest or else the breakout is not validated. We believe that bulls will be successful for a couple of reasons. First, 1,230 satoshis used to be a strong resistance. It was so strong that bulls needed seven attempts in three months to breach the resistance. Now that they’ve broken through, the firm resistance is flipped into durable support.

Second, we have the 21-day, 100-day, and 200-day moving averages crawling below the 4H candles. They will stand as additional supports to help keep the market above 1,230 satoshis.

The strategy is to buy the dip as close to 1,230 satoshis as possible. If MANA/BTC completes the retest, it will likely to launch a rally to our targets of 1,500 satoshis first and then 2,000 satoshis.

The process may take more than a month.

4-Hour Chart of Decentraland/Bitcoin on Binance


As of this writing, the Decentraland/Bitcoin pair is trading at 1,420 satoshis on Binance.

Summary of Strategy

Buy: As close to 1,230 satoshis as possible.

Target: 1,500 first and then 2,000 satoshis.

Stop: 1,150 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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
1 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 5 (1 votes, average: 5.00 out of 5)
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3.7 stars on average, based on 267 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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