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Trade Recommendation: Stellar

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The Stellar/Bitcoin pair (XLM/BTC) ignited its bull run on December 29, 2017 when it took out resistance of 0.00002. With a good base between 0.000007 – 0.00002, the market soared to 0.00006789 on January 3, 2018. In less than a week, the XLM/BTC grew by almost 240%! Those who bought the breakout were ecstatic to take profits.

As breakout players locked in their gains, the market fell to as low as 0.00003025 on January 16. Bulls bought the dip, but the rally they inspired was good for a lower high of 0.00005827 on January 26.

The bearish price action was a sign for many participants to either take profits or cut their losses. The pair responded by generating a series of lower highs and lower lows until it bottomed out at 0.000021 on March 29. XLM/BTC has been rallying since, and it appears poised to end the correction.

Technical analysis show that Stellar/Bitcoin is creating a good base between 0.00002 and 0.000037. On April 15, it went as high as 0.0000366 with above average volume. This could be an indication that bulls are preparing for a push to breach resistance of 0.000037.

To complete the breakout, the pair must print above 120 million Stellar units in volume. Those who bought the bottom are very likely to take profits at the resistance. XLM/BTC needs buyers to absorb the dumped positions.

The strategy is to buy the breakout at 0.000037 after the prescribed volume is met. If bulls complete the breakout, volatility is likely to increase. This would help the pair to reach our target of 0.000048 in less than a month.  

Daily Chart of XLM/BTC on Binance

As of this writing, the Stellar/Bitcoin pair is trading at 0.0000351 on Binance.

Summary of Strategy

Buy: Breakout at 0.000037 with 120 million Stellar volume.

Target: 0.000048

Stop: 0.000035 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 287 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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3 Comments

3 Comments

  1. trader4ext

    April 18, 2018 at 5:46 pm

    Thanks a lot for this GREAT recommendation!
    It would be awesome, as asked in the TNT recommendation comments, if you could point us into the right direction about how to figure out the “current” volume of a coin you refer to in your articles. Thank you!

  2. Kiril Nikolaev

    April 18, 2018 at 5:52 pm

    The easiest way is to go to TradingView.com and enter the trading pair (in this example: XLMBTC) and look at the volume in the top left corner as you hover over the chart

    • trader4ext

      April 19, 2018 at 6:41 pm

      Thanks a lot! *blush* never thought it was that easy.

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Trade Recommendation: Modum

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Our November 24, 2018 trade recommendation of Modum (MOD/BTC) hit its target on November 29 when the market went as high as 0.0001174. If you locked in gains at that price, your investments would have grown by over 35%. If you left a percentage of your investments to chase the next target, it would have increased by over 59% on December 7 from the original buy price.

Profits came fast and easy for Modum because the market structure is fairly predictable. We’ll take advantage of it as much as we can.

Technical analysis shows that MOD/BTC is still trading within a range. Recent price action has enabled us to better define this range. The bottom end of the range is 0.00008, the midpoint is 0.0001075, and the top is 0.0001354. Everything that has happened outside of this range since late July 2018 can be considered as a deviation.

When it comes to markets that are trading sideways, it is key to stay patient. Modum is currently correcting after briefly touching the range high. It even retested the range midpoint as a resistance on December 8. As long as Modum trades below the midpoint, the likelihood of revisiting the range low is high. Thus, set your bids and wait for the market to drop to 0.00008.

The strategy is to buy as close to 0.00008 as possible. If MOD/BTC continues to defend this support, then we can expect the market to once again move up to the range midpoint of 0.0001075. We suggest taking gains and closing most of your positions once the initial target is hit. Leave the rest for the possible run-up to the range high of 0.0001354

The process may take less than a month.

Daily Chart of Modum/Bitcoin on Binance


As of this writing, the Modum/Bitcoin pair is trading at 0.00094 on Binance.

Summary of Strategy

Buy: As close to 0.0008 as possible.

Targets: 0.0001075 and 0.0001354.

Stop:0.0000174

 

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 287 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: Golem

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Golem (GNT/BTC) came off lows of 0.00001803 on November 20, 2018. At that price, the market was down by over 80% from the 2018 high of 0.0000909. This is an immense drop.

An in-depth look, however, shows that the fresh yearly low was the result of a shakeout. At the end of November 20, the market closed above 0.000019, which is the parabolic support. The swing to the low price level and quick recovery of the support ignited a rally to 0.00002771 on December 3. On that day, the market printed volume that’s over 300% of its daily average.

While the heavy volume buzz should have been enough for a range breakout, GNT/BTC pulled back. It appears that the accumulation stage is not yet over. Nevertheless, we’ll take this opportunity to accumulate as well.

Technical analysis shows that GNT/BTC is still trading within the accumulation range of 0.00002479 and 0.000018. It recently breached the range midpoint of 0.00002151 so we’re fairly certain that the market is en route to the yearly low of 0.000018. This is where we join smart money investors.

The strategy is to buy as close to 0.000018 as possible. If GNT/BTC respects this support, we can expect a quick move up to range midpoint and initial target of 0.00002151. Feel free to lock in gains here. You may want to leave a small portion of the amount for the possible move up to 0.00002479.

The process may take less than a month.

Daily Chart of Golem/Bitcoin on Poloniex

As of this writing, the Golem/Bitcoin pair is trading at 0.00001903 on Poloniex.

Summary of Strategy

Buy: As close to 0.000018 as possible.

Targets: 0.00002151 and 0.00002479.

Stop:0.0000174

 

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 287 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: Litecoin

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To say that Litecoin (LTC/USD) is having a rough year is an understatement. It came off lows of $22.54 on December 7, 2018. At that price point, the market was down by over 92% from the 2018 peak of $306.85. It seems that the market may have completed its cycle.

A closer look at Litecoin shows that it is now trading at a parabolic support. This means that the market came back to where it was last year before it ignited the bull run that saw Litecoin ascend to as high as $370.78 in December 2017. It appears that the market has gone from markup to distribution, and to mark down in a span of a year and a half. If our read is correct, Litecoin should be back in the accumulation stage now.

If that’s the case, now is one of the best times to bottom pick the market.

Technical analysis shows that LTC/USD may have established a short-term bottom at $22.54. We have several reasons to support this view.  

First, the area of $22 is a strong weekly support level. Bears tried to breach it back in May 2017 but bulls rejected lower prices. The rejection led to the breach of resistance of $31.25 in June 2017. Litecoin never looked back until now.

Also, Litecoin printed a large bullish divergence on the 12-hour RSI. In addition, we can see that volume has come to life ever since the market touched these levels. These indications tell us that buyers are starting to scale in.

The strategy is to buy as close to $22.50 as possible. If the bulls hold this level, our targets are $26.86 and $31.25.

The process may take less than a month.

12-Hour Chart of Litecoin/US Dollar on Bitfinex


As of this writing, the Litecoin/US Dollar pair is trading at $24.01 on Bitfinex.

Summary of Strategy

Buy: As close to $22.50 as possible.

Targets: $26.86 and $31.25.

Stop:$21.50

 

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 287 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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