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Trade Recommendation: Stellar

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Our July 10 trade recommendation for Stellar (XLM/USD) hit its target on July 17 when it went as high as $0.2564. Those who followed the trade suggestion grew their investments by over 40% in one week.

While Stellar overshot our target price and climbed as high as $0.352 on July 25, we were satisfied not to chase the rally. At that point, the market was trading in overbought territory. In addition, it was flashing a bearish divergence. We’re happy to wait for the dip to get our next chance to buy. It looks like that opportunity is presenting itself.

Technical analysis shows that XLM/USD is poised to breach resistance of $0.255. This would trigger the breakout from the large symmetrical triangle on the daily chart. Stellar has been trading inside this pattern since May 2018. A clear breakout should generate a lot of bullish momentum.

Also, the daily RSI is in great shape. It just bounced off support of 37 after flashing overbought readings on September 23. This tells us that the RSI has cooled off so it has the room to accommodate a monster rally.

Last, we’ve been hearing rumors that Coinbase might potentially add Stellar to its exchange. This type of development could help ignite a breakout.

The strategy is to buy the breakout at $0.255 after the market generates volume of at least 2.5 million Stellar units. The market is up against a long-term resistance area. In other words, you can expect heavy selling at $0.255. Stellar needs buyers to alleviate the selling pressure.

Once breakout is complete, the market will likely have the momentum to rally to our target of $0.35 first and then $0.45. The process may take more than a month.

Daily Chart of Stellar/US Dollar on Bitfinex

As of this writing, the Stellar/US Dollar pair is trading at $0.24958 on Bitfinex.

Summary of Strategy

Buy: Breakout at $0.255 after volume of 2.5 million Stellar units.

Target: $0.35 first and then $0.45.

Stop: $0.24 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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3.7 stars on average, based on 270 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: Ravencoin

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We’ve been watching Ravencoin/Bitcoin (RVN/BTC) for some time now. We have a gut feeling that it has ultra-bullish potential. That’s because it climbed from a low of 254 satoshis on October 15, 2018, to its all-time high (ATH) of 1,045 satoshis on October 22. That’s an increase of over 311% in seven days.

Of course, everything is subject to the laws of gravity, especially the cryptocurrency market. Ravencoin has been dropping after posting its ATH. The good news is it is nearing a level where the risk and reward ratio is highly-favorable.

Technical analysis shows that RVN/BTC is creating a large falling wedge on the 4-hour chart. So far, Ravencoin is following the script. It bounced off the C-wave when it dropped to 440 satoshis on November 15. We’re expecting this dead-cat bounce to go as high as 514 satoshis before one final dump.

This dump should take the market as low as 430 satoshis. We expect this area to be a high demand zone. After all, RVN/BTC used it to stage its first ever parabolic run.

On top of that, the RSI is also creating a large falling wedge the pattern. The next drop should take the indicator to extreme oversold territory and possibly a double bottom structure.

The strategy is to buy the dip as close to 430 satoshis as possible. If RVN/BTC defends its parabolic support, then we can expect it to bounce to our initial target of 622 satoshis. Take that out and 785 satoshis is in sight.

The process may take more than a month.

4-Hour Chart of Ravencoin/Bitcoin on Binance

As of this writing, the Ravencoin/Bitcoin pair is trading at 483 satoshis on Binance.

Summary of Strategy

Buy: As close to 430 satoshis as possible.

Target: 622 first and then 785 satoshis.

Stop: 410 satoshis.

 

NOTE: a satoshi is the smallest unit of Bitcoin, which equals to 0.00000001 BTC.

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 270 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: EOS

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Just like most cryptocurrencies, EOS (EOS/USD) has had a rough 24 hours. Yesterday, November 14, 2018, the market opened at $5.2947. Before the day closed, this coin dropped to as low as $4.4610. In short, the market dropped by as much as 15.75% in one day.

Many would have been stopped out by this move. After all, the sudden decline looked convincing. Yesterday, EOS printed volume that’s over 490% of its daily average. This was the highest volume buzz of EOS since September 6. With this big drop, however, volatility has returned and with it comes opportunities for quick profits.

Technical analysis shows that EOS/USD is ripe for a bounce. Even with this retracement, this crypto still managed to stay within the three-month range of $4.50 to $6.30. Take note, the market quickly rallied and closed November 14 at $4.7656 after plummeting to as low as $4.4610. This created a wick below the daily candle’s body, which suggests that the smart money is buying.

More importantly, the preservation of the $4.50 support has bullish implications. If bulls hold it, EOS will create a double bottom structure. The double bottom also appears on the 4-hour RSI. On top of that, the 4H RSI is in extreme oversold territory. With these signals, it appears that this cryptocurrency is ready for a solid bounce.

The strategy is to buy the retest of support as close as $4.50 as possible. Bears will try to breach this range so stay alert and don’t hesitate to hit the stop loss when it’s hit. However, if bulls hold on, we will likely see the coin climb to our targets of $5.50 and then $6.30.

The process may take more than a month.

Daily Chart of EOS/US Dollar on Bitfinex


As of this writing, the EOS/US Dollar pair is trading at $4.5572 on Bitfinex.

Summary of Strategy

Buy: As close to $4.50 as possible.

Target: $5.50 first and then $6.30.

Stop: $4.30

 

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 270 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: CloakCoin

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The CloakCoin/Bitcoin pair (CLOAK/BTC) took out resistance of 0.0005 on October 24, 2018. This triggered the breakout from the rounding bottom pattern on the 4-hour chart. The breakout looked valid as well. On that day, CloakCoin generated volume that’s over 540% of its daily average.

The heavy volume breakout attracted traders who were on the sidelines. This sparked a rally to as high as 0.0005678 on the same day. At that point, however, the market began to show signs of weakness. First, it was trading at oversold territory on the 4H chart. In addition, CloakCoin generated a bearish divergence. These were all indications that CloakCoin was ripe for profit-taking.

With bottom-pickers and breakout traders locking in gains, the market pulled back. Nevertheless, this is an opportunity for us to buy the dip.

Technical analysis shows that CLOAK/BTC is looking to retest support of 0.0004. It appears that the market needs more time to build a base before it finally eliminates resistance of 0.0005. It is very likely that the market holds on to support of 0.0004 for these reasons.

First, the 4H RSI has been impressively generating a series of higher lows. The market will remain bullish as long as this trend continues.

In addition, volume has exponentially declined since the rally. This tells us that sellers are exhausted. They have little interest and energy to sell at the firm support area.

The strategy is to buy the dip as close to 0.0004 as possible. As long as bulls hold, they will likely build the momentum necessary to annihilate 0.0005 and rally to our targets of 0.0006 and then 0.00075.

The process may take a month.

Daily Chart of CloakCoin/Bitcoin on Binance


As of this writing, the CloakCoin/Bitcoin pair is trading at 0.0004115 on Binance.

Summary of Strategy

Buy: As close to 0.0004 as possible.

Target: 0.0006 and then 0.00075.

Stop: 0.0003885

 

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 270 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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