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Trade Recommendation: Stellar

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The Stellar/Bitcoin (STR/BTC) pair kicked its bull run into overdrive on January 1, 2018 when it breached resistance of 0.00003. The breakout attracted momentum players, which drove the price up to as high as 0.00006199 on January 3. The 106.63% growth in two days was enough for breakout players to take profits.

As the market succumbed to selling pressure, it went as low as 0.00003125 on January 16. Bulls rushed in to buy positions as the pair was close to its breakout point of 0.00003. This triggered a rally that sent the market to as high as 0.00005830 on January 26. However, the rapid rise in value pushed bottom pickers to sell their positions. Consequently, the market’s value declined, and this provides an opening to buy the dip.

Technical analysis show that the market is creating a bullish continuation pattern in the weekly chart. Currently, the pair is locked in a range between 0.00004 and 0.00006 while it consolidates. This period is necessary to get the market out of overbought territory. Eventually, sellers will run out of positions, and that could ignite a massive rally.

The strategy is to buy as close to 0.00004 support as possible. Once consolidation is over, the market will likely march to our target of 0.00008. The process may take about a month.

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Weekly Chart of Stellar/Bitcoin on Poloniex

As of this writing, the Stellar/Bitcoin pair is trading at 0.00004180 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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3.7 stars on average, based on 179 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: GBP/AUD

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The British Pound/Australian Dollar pair (GBP/AUD) looked extremely bearish in August 2009 when it broke below support of 2.00. This triggered a waterfall event that saw the pair plummet to 1.43818 in March 2013. In about three and a half years, the British Pound lost 28% of its value against the Australian Dollar.

With a bottom in place, GBP/AUD began to rally. It took out resistance of 1.78 in November 2013. This triggered the rounding bottom reversal pattern on the weekly and monthly charts. The breakout pushed the pair to as high as 2.24049 in August 2015.

At this price level, the pair has already achieved the target of the rounding bottom pattern. This inspired a selling frenzy that drove the pair down to 1.53222 in October 2016 as bottom pickers and breakout players took profits. GBP/AUD has been rallying since. This could be your chance to buy the confirmation of a breakout.

Technical analysis reveal that the British Pound/Australian Dollar pair has taken out resistance of 1.78 in March 2018. This triggered the inverse head and shoulders continuation pattern on the weekly chart. The rally to 1.85086 in March affirms the breakout. However, the market has pulled back. This opens the chance to buy the breakout.

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The strategy is to buy as close to 1.775 as possible. As long as the market stays above this level, it will attract more momentum to push it to our target of 1.98.

The process may take three months.

Weekly Chart of British Pound/Australian Dollar on OANDA

As of this writing, the British Pound/Australian Dollar pair (GBP/AUD) is trading at 1.77848 on OANDA.

Summary of Strategy

Buy: As close to 1.775 as possible.

Target: 1.98

Stop: Close below 1.74.

 

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 179 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: Modum

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The Modum/Bitcoin pair (MOD/BTC) attempted to breakout from the inverse head and shoulders formation on May 4, 2018. Our April 15, 2018 trade recommendation banked on this breakout. Unfortunately, the pair only generated about half of the required 1.5 million Modum volume. As a result, bears were able to hold on to the resistance  

A false breakout usually inspires a selling frenzy as it sends the message that bulls are not yet ready to take over. This is why it is important to look at the volume when attempting to trade pattern breakouts. Heavy volume takes out sellers and inspires more buyers.

With lower than required volume, MOD/BTC plummeted. It went as low as 0.0001354 on May 26 before bulls rushed in to keep the pair stable. The price action may have signalled a tradable bottom.

Technical analysis show that Modum/Bitcoin is respecting support of 0.000175. This view comes after the pair has managed to stay above this level for about a week now. More importantly, we can see that MOD/BTC hovers above RSI support of 30. This hints that the pair is gathering momentum for a possible bounce. Lastly, the 4-day, 8-day, and 21-day moving averages are reversing their direction.

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The strategy is to buy the breakout as close to 0.000175 support as possible. If bulls continue to stay above this price point, they will attract more buyers who can help push the pair to our target of 0.00025.

The process may take less than a month.

Daily Chart of MOD/BTC on Binance

As of this writing, the Modum/Bitcoin pair is trading at 0.0001847 on Binance.

Summary of Strategy

Buy: As close to 0.000175 as possible.

Target: 0.00025

Stop: 0.000166

 

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 179 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: VeChain

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Vechain is continuing to hold support at the Daily Pivot Range with the short term bias to the buy side. VENBTC does have some serious resistance nearby at the Monthly Pivot Range low which will have to be overcome if this trade setup will pan out and follow through to our profit targets.

Fortunately we have the ‘A’ up line in close proximity that will give us the confirmation necessary to take a long position above this Monthly Pivot resistance. There is plenty of support nearby at the Weekly Pivot Range and 6 Day Rolling Pivot Range.

The Daily Pivot Moving Averages are also looking good with a bullish direction upward.

The action to take is to buy if the price trades at or above the ‘A’ up line for at least 15 consecutive minutes. Place the stop loss below the Weekly Pivot Range low and the profit targets as stated.

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If the trade signal is not triggered by end of the session, cancel the orders.

Entry Price: 0.0004777
Stop Loss: 0.0004600
Profit Targets: First profit target 0.0004960. Second profit target 0.0005030. 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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3.9 stars on average, based on 74 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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