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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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3.6 stars on average, based on 235 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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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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Recommendations

Trade Recommendation: Cardano

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The Cardano/Bitcoin (ADA/BTC) pair started to show signs of weakness just as it registered its 2018 high of 0.00008788 on January 4. Unfortunately for buyers at the top, the market would go on a long bear run for the next nine months. ADA/BTC went so deep in bear territory that it lost almost 90% of its value.

As disheartening as it may sound, recent price action gives us something to look forward to.

Technical analysis show that Cardano/Bitcoin has taken out resistance of 0.000011 yesterday, September 19. The breach triggered the breakout from the large falling wedge on the daily chart. This pattern was responsible for keeping the market bearish for most of the year.

The breakout looks convincing, too. The market printed volume that’s almost twice its daily average. The last time ADA/BTC generated the same volume buzz was back in April 2018.

Currently, ADA/BTC is pulling back due to overbought conditions on the hourly chart. Thus, it is very likely for the market to temporary go below the breakout. This can be your opportunity to buy cheap.

The strategy is to buy as close to 0.0000108 as possible. If bulls can stay above this level, they will attract more bottom fishers and bargain hunters. This will likely generate a rally to our target of 0.000025.

The process may take a month.

Daily Chart of Cardano/Bitcoin on Binance

As of this writing, the Cardano/Bitcoin pair is trading at 0.00001128 on Binance.

Summary of Strategy

Buy: As close to 0.0000108 as possible.

Target: 0.000025

Stop: 0.0000105

 

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 235 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: Reddcoin

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The Reddcoin/Bitcoin (RDD/BTC) pair is giving crypto enthusiasts something to be excited about. The pair took out resistance of 0.0000004 on August 27, 2018. The breach triggered the breakout from a falling wedge pattern.

Breaking out from a falling wedge is something that you can observe in many altcoins. However, many of these altcoins significantly retraced. Some even went below the breakout. This is where RDD/BTC is unique. Its recent price action supports our view that the worst of the bear market is over.

Technical analysis shows that RDD/BTC is creating a large pennant on the daily chart. This structure is a bullish continuation pattern. It means that the pair is currently consolidating but it confirms the trend reversal. This period is actually crucial as it enables RDD/BTC to build a strong base that will help keep its uptrend sustainable.

The strategy is to buy the breakout at 0.00000058 after the pair prints volume of at least 300 million Reddcoin units. Volume has been thin recently, which is a characteristic of a consolidation pattern. A spike in volume indicates the end of consolidation and the resumption of the uptrend.

After the breakout, the initial target is 0.0000008. The process may take less than a month.

Weekly Chart of Reddcoin/Bitcoin on Bittrex

As of this writing, the Reddcoin/Bitcoin pair is trading at 0.00000053 on Bittrex.

Summary of Strategy

Buy: Breakout at 0.00000058 after volume of at least 300 million Reddcoin units.

Target: 0.0000008

Stop: 0.00000055 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 235 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: 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 235 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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