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Trade Recommendation: STEEM

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The STEEM/Bitcoin market ignited its uptrend on January 2, 2018 when it took out resistance of 0.0003. The momentum of the breakout was so strong that it pushed the pair to as high as 0.00060359 on January 25. In a little over three weeks, the market increased by more than 100%. With so much growth in so little time, breakout buyers took profits.

Faced with heavy selling pressure, STEEM/Bitcoin went as low as 0.00036992 on February 6. While it did bounce on February 14, it did not go above 0.0005. Since then, the market has been in decline as the daily trading range narrowed.

Technical analysis reveal that the market is creating a bullish continuation pattern in the weekly chart that’s close to breaking out. Volume has been below average since the market broke out of 0.0003 resistance. This suggests that those who bought the breakout are losing interest to sell. In addition, Bollinger bands in both the daily and weekly charts are starting to contract. This means that ask and bid prices are bound to meet soon, and when they do, the price will most likely explode up.

The strategy is to buy as close to 0.0004 support as possible. Once consolidation is over, the market will likely move to our target at major resistance of 0.0008. The process can take a month.

Daily Chart of STEEM/Bitcoin on Poloniex

As of this writing, the STEEM/Bitcoin pair is trading at 0.00040474 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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3.6 stars on average, based on 234 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. MikeDDD

    February 17, 2018 at 5:31 pm

    Where would you put stops?

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Trade Recommendation: CyberMiles

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The CyberMiles/Bitcoin (CMT/BTC) pair breached resistance of 0.000014 on August 24, 2018. This triggered the breakout from the falling wedge pattern on the daily chart. The breakout looks convincing as the pair printed volume that’s over 830% of its daily average. Consequently, CMT/BTC climbed to as high as 0.00001889.

Unfortunately for breakout buyers, the price action was interpreted by bottom fishers as an opportunity to take profits. As profit-taking commenced, CMT/BTC retraced. Less than a month later, it appears that the correction is over.

Technical analysis show that CMT/BTC is forming a durable support at 0.000012. While this level is slightly below the breakout, the market remains bullish because it is creating a higher low setup. This means that participants are no longer waiting for CMT/BTC to revisit recent lows of 0.00001099, which was posted on August 14 before entering long positions.

In addition, bulls rescued the market when it dropped to as low as 0.00001201 yesterday, September 17. What’s even more interesting is that there was a 230% volume surge yesterday. This indicates that the base building after the breakout is almost over.

The strategy is to buy as close to 0.000012 as possible. CMT/BTC is correcting to cool off technical indicators in the lower time frames. If the market can stay above this new support, it will likely climb to our target of 0.000021.

The process may take less than a month.

Daily Chart of CyberMiles/Bitcoin on Binance

As of this writing, the CyberMiles/Bitcoin pair is trading at 0.00001289 on Binance.

Summary of Strategy

Buy: As close to 0.000012 as possible.

Target: 0.000021

Stop: 0.0000115

 

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 234 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: 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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3.6 stars on average, based on 234 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: Populous

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The Populous/Bitcoin (PPT/BTC) pair took out resistance of 0.00056 on August 16, 2018. The breach triggered the breakout from the large falling wedge on the daily chart. The breakout looks valid because it was followed by a surge in volume and price. PPT/BTC managed to climb to as high as 0.00108 on August 17.

Unfortunately, the rally was seen as an opportunity to take quick profits. Those who bought the bottom and the breakout dumped positions. With the market flooded with supply. PPT/BTC pulled back. Nevertheless, we have reasons to believe that the retracement is over.

Technical analysis shows that PPT/BTC is respecting support of 0.0005. This view comes after bulls managed to keep the pair above this level since September 12. Every time bears try to breach the support, bulls gather their forces to lift the market above the support.

This encouraging sign is affirmed by the growing momentum, which you can see on the RSI. Since June 23, the market has been posting a series of RSI higher lows. This indicates that bulls are no longer waiting for extreme oversold conditions before stepping up. Little by little, bulls are working to swing momentum over to their side.

The strategy is to buy as close to 0.0005 support as possible. As long as the market is above this level, there’s a very good chance that it will revisit our target of 0.001.

The process may take less than a month.

Daily Chart of Populous/Bitcoin on Binance

As of this writing, the Populous/Bitcoin pair is trading at 0.0005337 on Binance.

Summary of Strategy

Buy: As close to 0.0005 support as possible.

Target: 0.001

Stop: 0.00048

 

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 234 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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