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Trade Recommendation: Simple Token

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The Simple Token/Bitcoin (OST/BTC) market exhausted its bullishness on January 11, 2018 when it failed to close above 0.00009 resistance. While the pair attempted to breach that resistance level on January 12 and 13, bears kept them at bay. Finally on January 14, the market broke below 0.000064 support, and that sealed the downtrend.

Although the OST/BTC pair bounced and went as high as 0.0000695 on January 20, bears have extended their territory to 0.000064. As the rally was met with selling pressure, it gradually declined until it went as low as 0.00002692 on February 6. This dip is your opportunity to enter near a firm support level.  

Technical analysis show that the Simple Token/Bitcoin pair is respecting critical support at 0.000027. When the market touched this level on February 6, bulls came to defend it, and sent it as high as 0.00004990 with heavy volume. The market has retreated since, but volume has been thin for the last six trading days. This indicates that sellers are losing interest to dump positions at this level.

The strategy is to buy as close to 0.000025 as possible. Once bulls successfully retests this support level, the market will likely hit our target of 0.000064. The process may take about a month.

Daily Chart of Simple Token/Bitcoin on Binance

As of this writing, the Simple Token/Bitcoin pair is trading at 0.00002707 on Binance.

 

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 237 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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  1. snow4me

    February 20, 2018 at 11:34 pm

    I am super bullish on OST. Check out their Medium
    https://medium.com/simple-token
    they are putting together partnerships and using their platform. These guys are hungry!

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Trade Recommendation: Stellar

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We’ve been tracking the Stellar/Bitcoin (XLM/BTC) pair for some time now and for good reason. The pair has been retracing after generating a high of 0.00006789 on January 3, 2018. That means for about nine months, the pair has been trading bearishly. However, recent price action finally enabled XLM/BTC to leave bear country.

Technical analysis shows that Stellar/Bitcoin took out resistance of 0.00036 on September 21, 2018. This allowed the pair to breakout from the large symmetrical triangle pattern on the daily chart.

The breakout looks convincing as well. XLM/BTC printed volume that’s over 150% of its daily average. On top of that, the daily RSI also broke out of its own symmetrical triangle. This tells us that momentum is on the side of the bulls.

With heavy momentum, the breakout rally is currently underway. So far, bulls have managed to take the pair to as high as 0.00004489 today, September 23. However, the pair is currently overbought in the daily chart. We can expect the market to pull back as breakout traders and bottom fishers take profits. This is your chance to buy cheap.

The strategy is to buy on dips as close to 0.000039 as possible. As long as bulls keep the market above this level, they will attract the momentum needed to rally to our target of 0.00006.

The process may take less than a month.

Daily Chart of Stellar/Bitcoin on Binance

As of this writing, the Stellar/Bitcoin pair is trading at 0.00004249 on Binance.

Summary of Strategy

Buy: On dips as close to 0.000039 as possible.

Target: 0.00006

Stop: 0.000038

 

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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4 votes, average: 4.75 out of 54 votes, average: 4.75 out of 54 votes, average: 4.75 out of 54 votes, average: 4.75 out of 54 votes, average: 4.75 out of 5 (4 votes, average: 4.75 out of 5)
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3.6 stars on average, based on 237 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: 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 237 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: 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 237 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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