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Trade Recommendation: STEEM

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The STEEM/Bitcoin pair (STEEM/BTC) managed to go as high as 0.00099998 on June 9, 2017. Unfortunately for buyers at this level, STEEM has been dropping since. In fact, it nosedived to 0.00009202 on December 6, 2017 and lost over 90% of its value before generating a notable rally. The good news is that this downtrend is about to come to an end.

Technical analysis show that the pair is creating a large symmetrical triangle on the daily and weekly charts. From the looks of it, it may appear that bears have the upper hand because there’s a significant gap between the B and D waves. Other traders might interpret this as the inability of bulls to put together an impressive rally.

In reality, this puts more pressure on bears to come up with another lower high that’s so close to the support. Right now, bulls are creating a higher low setup at 0.00016. If they succeed, it will not be difficult to take out 0.0002 resistance and breakout of the symmetrical triangle.  

The strategy is to buy the breakout at 0.0002 after the market generates volume of 100,000 STEEM units. Bears will try and fight for market control. The market needs buyers to absorb the selling pressure.

Take out 0.0002 and we have an initial target of 0.00042.

The process may take a month.

Daily Chart of STEEM/Bitcoin on Poloniex

As of this writing, the STEEM/Bitcoin pair is trading at 0.00016279 on Poloniex.

Summary of Strategy

Buy: Breakout of 0.0002 with volume of 100,000 STEEM units.

Target: 0.00042

Stop:  0.00018 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 222 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: Aeternity

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The Aeternity/Bitcoin (AE/BTC) pair surprised investors when it went as high as 0.0006333 on April 29, 2018. Before that move, AE/BTC was trading at a low of 0.000159 on March 18. This means that those who bought at the low grew their investments by over 300% in less than a month.

Unfortunately for buyers at 0.0006333, participants exploited the pump. The market has been dropping since. Nevertheless, it appears that AE/BTC is ready for bottom picking.

Technical analysis show that AE/BTC is trading inside a large falling wedge. The pattern is about to hit the apex just as it is about to touch the line in the sand of 0.000165 support.

Call it coincidence, market psychology, or manipulation. What’s important is that we know that 0.000165 is an area where demand exceeds supply. This is the staging ground that kickstarted the bull run earlier this year when the market surged to 0.0006333. This tells us that the “smart money” likes to buy at this price level.

The strategy is to buy as close to 0.000165 support as possible. If our assumption is true, then the “smart money” or the “whales” will start buying at this level. They will also defend on the support to protect their positions. This should spark a rally to our initial target of 0.0002532.

The process can take less than one month.

Daily Chart of Aeternity/Bitcoin on Binance

As of this writing, the Aeternity/Bitcoin pair is trading at 0.000176 on Binance.

Summary of Strategy

Buy: As close to 0.000165 as possible.

Target: 0.0002532

Stop:  0.000159

 

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 222 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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Long-Term Trade Recommendation: ZRX

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The 0x/Bitcoin (ZRX/BTC) pair looks bearish short-term, but it looks quite the opposite in the medium and long-term. The drop from 0.00018629 resistance appears to be a “buy on dip” rather than a full-blown correction. We have the technicals to support our view.

Technical analysis show that ZRX/BTC is trading within a wide ascending channel in the daily and weekly charts. The structure looks strong because it is not widening nor contracting. On top of that, the higher highs and higher lows are generated as a result of healthy consolidations and corrections. The symmetrical triangle pattern emerging in the daily chart is proof of this healthy consolidation.

Currently, the symmetrical triangle pattern appears to be completing the C-wave, which is often the penultimate leg down before the breakout. ZRX/BTC needs to complete two more waves before it can break out of the pattern and resume its climb to the top end of the range. Triangles take time to complete, which is why this is a long-term trade recommendation.

The strategy is to buy as close to 0.00012 as possible. If bulls preserve the long-term support, they will inspire a rally to our initial target of 0.00017. We expect one more leg down before ZRX/BTC can climb to our longer term target of 0.00025.

The process may take three months.

Long-Term Chart of 0x/Bitcoin on Binance

As of this writing, the 0x/Bitcoin pair is trading at 0.00013570 on Binance.

Summary of Strategy

Buy: As close to 0.00012 as possible.

Target: 0.00025

Stop:  0.0001

 

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 222 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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Long-Term Trade Recommendation: Stellar/Ethereum

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The Stellar/Ethereum pair (XLM/ETH) may look bearish now. From a long-term perspective, however, XLM/ETH looks strong. You just have to know when to buy low and when to sell high.  

Technical analysis show that XLM/ETH is trading within an ascending channel, which makes it a very good candidate for a long-term trade recommendation. From a short-term perspective, it is trading inside a falling wedge pattern. The pair is likely to continue to trade bearishly until the price drops to the long-term support level. The increased demand at the long-term support level should catalyze a breakout and ignite a bull run to the top end of the range.

It is likely that this would be the case because XLM/ETH has followed the same process twice. It broke out of a falling wedge on March 18, 2018 and climbed the top end of the range on April 19. XLM/ETH broke out of a wedge again on June 29 and moved to the top end of the range on July 25.

The strategy is to wait for Stellar/Ethereum to fall as close to 0.00046 as possible. If bulls create another higher low setup here, the uptrend will likely be maintained. That should generate the momentum needed to break out of the falling wedge and climb to our target of 0.0008.

The process may take more than three months.

Daily Chart of Stellar/Ethereum on Binance

As of this writing, the Stellar/Ethereum pair is trading at 0.00056861 on Binance.

Summary of Strategy

Buy: As close to 0.00046 as possible.

Target: 0.0008

Stop:  0.00045

 

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:

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3.6 stars on average, based on 222 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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