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Trade Recommendation: Status

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The Status/Bitcoin (SNT/BTC) pair bounced off a low of 0.00000471 on September 12, 2018. At that price level, the market was down by almost 90% from the 2018 high of 0.00004406. With such a tremendous loss, investor confidence is most likely shattered at this point.

However, one of the best times to invest in an asset is when no one’s looking. Whales or smart money investors often enter when no one’s paying attention. We can see this scenario possibly developing in SNT/BTC.

Technical analysis shows that SNT/BTC is positioning to take out resistance of 0.0000056. The breach would trigger the breakout from the large falling wedge pattern on the daily chart.

We believe that SNT/BTC will likely breakout from the pattern for several reasons. First, the pattern is near its apex. This makes it very difficult for bears to establish another lower high considering that value has gone down by almost 90%. On top of that, volume has been significantly declining. A dwindling supply paired with bearish exhaustion can be a recipe for a breakout.

Lastly, we can see the daily RSI breakout from its own falling wedge. This tells us that bulls are starting to make their presence felt.

The strategy is to buy the breakout at 0.0000056 as long as the market generates volume of 12 million Status units. Bears will do their best to keep market control. SNT/BTC needs buyers to absorb the expected selling pressure.

Once breakout is complete, the rally will likely take SNT/BTC to our target of 0.000008.

The process may take a month.

Daily Chart of Status/Bitcoin on Binance

As of this writing, the Status/Bitcoin pair is trading at 0.00000527 on Binance.

Summary of Strategy

Buy: Breakout at 0.0000056 after the market meets volume requirements.

Target: 0.000008

Stop: 0.0000054 after the breakout.

 

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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3.8 stars on average, based on 288 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: Bitcoin Gold

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Bitcoin Gold is looking barely a little shinier today. There is a Minor Pivot Stack formed that shows a good risk reward ratio setup.

Worth a serious consideration for a pop to the upside before the Monthly Pivot Range low, which will be major resistance.

You will want to pocket some profits at the first profit target of 18.30, and bail out of the balance of the position at 20.480.

Enter long on strength if the price exceeds yesterday’s high of 13.100. If triggered then place the stop loss below the Pivot Stack low at 10.850

If the trade signal is not triggered within 72 hours, cancel the order.

Entry Price: 13.100
Stop Loss: 10.850
Profit Targets: First profit target 18.30. Second profit target 20.480 . 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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3.7 stars on average, based on 78 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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Trade Recommendation: Salt

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Salt (SALT/BTC) printed a fresh yearly low of 0.000051 on November 26, 2018. At that price, the market was down by more than 95% from the 2018 peak of 0.001244. If you’re a bottom picker, finding assets that have been brutally battered should excite you. However, not all altcoins that have lost over 90% of their value will recover. Some will likely cease to exist.

Nevertheless, there are gems worth buying even under extreme bearish conditions. They may not be able to immediately reverse their trend, but they can provide opportunities to grow your BTC balance. We believe Salt is one of those gems.

Technical analysis shows that SALT/BTC is working hard to establish a short-term bottom at 0.0000552. This area is a strong weekly support. In July 2018, Salt dropped to this area but lower prices were quickly rejected. Markets tend to remember this type of price action. The swift rejection in July showed that bulls are ready to defend 0.0000552.

So far, this assumption is proven to be correct. Even though Salt dropped to 0.000051, bulls quickly recovered the support and closed the week of November 25 above 0.0000552. The market has stayed above that level since. This tells us that participants are likely accumulating at the range low. If this is true, this altcoin will eventually generate the momentum to rally to our range high.

The strategy is to buy as close to 0.000055 as possible. If bulls continue to defend the support, this crypto will likely have the legs to bounce to our initial target, which is the range midpoint of 0.000083. Take that out and the next target is 0.00011.

The process may take more than a month.

12-Hour Chart of Salt/Bitcoin on Binance

As of this writing, the Salt/Bitcoin pair is trading at 0.0000582 on Binance.

Summary of Strategy

Buy: As close to 0.000055 as possible.

Targets: 0.000083 and 0.00011.

Stop: 0.0000535

 

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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3.8 stars on average, based on 288 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: Republic Protocol

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We’ve been keeping a close eye on Republic Protocol (REN/BTC) since the second week of December when it showed bullish potential. It came off lows of 0.00000551 on December 7, 2018 and climbed as high as 0.00000838 on December 9. That’s an increase of over 52% in two days.

Quick rises like this usually have an effect on one’s psyche. The fear of missing out can easily draw a trader into buying the top. When you start to have this feeling, always remember that everything is subject to the laws of gravity. So instead of buying the pump, wait for the asset to dump. That’s where you can place buy orders.

REN is giving us this opportunity today.

Technical analysis shows that REN/BTC has broken out of a falling wedge on the 1-hour chart. Interestingly, the breakout was sparked by a strong bounce from support of 0.00000551. This tells us that bulls are trying to establish a bottom at this level.

The bounce, however, was met by the 100 MA, which was acting as a stiff resistance. REN has been pulling back since but this shouldn’t be a cause for concern. What we want to see happen is for REN to enter an accumulation phase near 0.00000551. If the market establishes a new base in this area, it will likely ignite another bull run.

The strategy is to buy as close to 0.00000551 as possible. As long as REN stays above this level, bulls have the momentum to rally to our initial target of 0.00000660. Take that out and the next target is 0.00000694.

The process may take less than a month.

1-Hour Chart of Republic Protocol/Bitcoin on Binance

As of this writing, the Republic Protocol/Bitcoin pair is trading at 0.00000562 on Binance.

Summary of Strategy

Buy: As close to 0.00000551 as possible.

Targets: 0.0000066 and 0.00000694.

Stop: 0.0000054

 

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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3.8 stars on average, based on 288 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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