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Trade Recommendation: Stellar

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The Stellar/US Dollar (XLM/USD) pair started its downtrend on May 22, 2018 when it took out support of $0.30. This triggered the head and shoulders reversal pattern on the daily chart. Consequently, the pair nosedived as it created a series of lower highs and lower lows.

With this downward push, many investors have stayed away from the market. However, it looks like bottom pickers are beginning to make their presence felt.   

Technical analysis show that Stellar/US Dollar is carving a bottom at $0.185 support. We have several reasons to support this view.

First, $0.185 is a key support area. Bulls showed up when the pair dropped to this level in the second half of March 2018. More importantly, they managed to defend the support and that enabled the market to rally. Three months later, it appears that bulls are doing the same thing.

The proof that bottom pickers are entering the scene can be seen in the volume. During the recent bear run, there were occasional volume spikes. However, when the market dropped to $0.185, volume immediately surged and it stayed elevated until XLM/USD went above $0.20. $0.185 appears to be an area where demand exceeds supply and where the pair can carve a bottom.

Lastly, the pair bounced from near oversold conditions on the daily RSI and breached resistance of 40. The former resistance is now acting as support for the market.

The strategy is to buy as close to $0.185 as possible. If bulls continue to defend the support, they will inspire a rally to our initial target of $0.25.

The process may take less than a month.   

Daily Chart of XLM/USD on Kraken

As of this writing, the Stellar/US Dollar pair is trading at 0.192584 on Kraken.

Summary of Strategy

Buy: As close to $0.185 as possible.

Target: $0.25

Stop: $0.18

 

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 271 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: Haven Protocol

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We’ve been following Haven Protocol (XHV/BTC) from some time now, after we saw its bullish potential. It skyrocketed from 0.0001371 on October 12 to as high as 0.00056 on November 12, 2018. In as little as one month, Haven Protocol grew by over 308%.

Though we were tempted to recommend long positions during this meteoric rise, we knew better than to chase an incredibly bullish altcoin. We’d rather wait for a price level that offers a very good risk to reward ratio. Good thing we did because XHV/BTC breached support of 0.000417 on November 15. This triggered the head and shoulders reversal pattern on the 4-hour chart.

With this price action, Haven Protocol is officially in a downtrend. However, there’s a good trade opportunity that’s presenting itself.

Technical analysis shows that XHV/BTC is fighting hard to protect support of 0.00034. Bulls must defend this level at all costs to keep the market from becoming extremely bearish. If Haven Protocol breaks this level, it might trigger a waterfall event that can send the market to the ultimate target of the head and shoulders pattern of 0.000295.  

We believe that bulls have a great chance of holding this support for several reasons. First, volume is starting to pick up. If bulls want to keep market control, buyers must show up. Otherwise, many participants might get jittery and close their positions and thus increase selling pressure. So, watch out for volume.

Next, the 4H RSI appears to be respecting support of 35. The market has never given up this support ever since climbing above it on October 15. Therefore, we can expect bulls to gather significant momentum at this level.

The strategy is to buy as close to 0.00034 as possible. As long as the market is above this level, it has the momentum to rally to our target of 0.000417. Take that out and the next target is 0.000489.

The process may take more than a month.

4-hour Chart of Haven Protocol/Bitcoin on Bittrex

As of this writing, the Haven Protocol/Bitcoin pair is trading at 0.0003835 on Bittrex.

Summary of Strategy

Buy: As close to 0.00034 as possible.

Target: 0.000417 first and then 0.000489.

Stop: 0.000323

 

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 271 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: Steem

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An extended bear market may be upon us as altcoins either create new yearly lows or revisit historical support areas. While the prolonged downtrend can be difficult to trade, it doesn’t necessarily mean that there are no profitable trade opportunities. In fact, we’re seeing a promising setup now in Steem/Bitcoin (STEEM/BTC).

Steem broke support of 0.00012 on November 9, 2018. Bulls tried to reclaim the support on the next day but to no avail. Their inability to take back 0.00012 effectively flipped the support into resistance. When participants saw this, they raced to cut their losses. This triggered a waterfall event that saw this coin breach 0.00011 support like a hot knife slicing through butter.

The good news is that this panic selling has created conditions that are ideal for a range trade.

Technical analysis shows that STEEM/BTC is managing to stay above historical support of 0.0001. Now, we are seeing many altcoins hold on to their historical support. What makes Steem unique is the huge volume it generated on November 16. On that day, the market had a volume buzz that’s over 100% of its daily average. With such huge volume, this crypto rallied to as high as 0.0001176 on the same day.

The rally is a dead-cat bounce or the B-leg of an ABC corrective wave. The C-leg should drive the pair down to 0.0001 support at which point Steem will likely range trade between 0.0001 and 0.00012.

The strategy is to buy the dip as close to 0.0001 support as possible. If STEEM/BTC holds on to the support, the market will trade sideways for some time before it can make another big move. Nevertheless, the sideways trading should give us the chance to buy low at the support and sell high at 0.00012.

The process may take more than a month.

4-Hour Chart of Steem/Bitcoin on Binance

As of this writing, the Steem/Bitcoin pair is trading at 0.0001089 on Binance.

Summary of Strategy

Buy: As close to 0.0001 as possible.

Target: 0.00012

Stop: 0.000096

 

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 271 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: Aeternity

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Aeternity (AE/BTC) appeared to be doing well prior to the November 14, 2018 bloodbath. It bounced off lows of 0.0001266 on September 12, 2018, and climbed as high 0.0002275 on October 20. At that point, AE/BTC looked strong. In only needed to preserve support of 0.0001735 to resume its uptrend.

Unfortunately, Aeternity fell as one of the many victims of the November 14 crypto carnage. It breached the support and dropped to as low as 0.00015 on the same day. This move effectively negated the market’s bullish outlook. Nevertheless, there’s an opportunity here to generate some profits.

Technical analysis shows that AE/BTC appears to have created a lower high setup of 0.0001681 on November 16. This lower high seems to be the B-leg of an ABC corrective wave. If our analysis is correct, AE/BTC might be due for one more wave down before it stabilizes.

The C-wave will likely conclude at around 0.000145. We have this expectation as AE has a strong support at that area. Buyers will likely snatch positions at this price level as they did in the middle of August and at the end of September.

When bottom picking, however, the key is to watch for volume. If 0.000145 should hold, Aeternity must print above-average volume. Otherwise, this area might be in danger of collapsing.

The strategy is to buy the dip as close to 0.000145 support as possible. If bulls defend the support, we expect AE/BTC to range trade between 0.000145 and our target of 0.0001735.

The process may take a month.

4-Hour Chart of Aeternity/Bitcoin on Binance


As of this writing, the Aeternity/Bitcoin pair is trading at 0.0001555 on Binance.

Summary of Strategy

Buy: As close to 0.000145 as possible.

Target: 0.0001735

Stop: 0.00014

 

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 271 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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