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Trade Recommendation Update of Litecoin, June 20th

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Litecoin: Long-Term Buy (Update)

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Litecoin, 4-Hour Chart Analysis

LTC finally broke-out of its long-term consolidation pattern on Friday and surged to new highs above the $38 level. Liteocoin hit the $44 initial target of our recommendation during the weekend rally, and rose above $50 before entering a brief correction. We closed our recommendation thanks to the surge, but the long-term prospects of the currency remain positive, and investors could still keep a part of their trading position to ride the wave higher while holding on to a core investment position as well.

We suggest reducing the trading position size by at least 50%, as the short-term chart shows overbought readings after than more than 50% rally.  A final target for the move could be the range-projection level at $58, with a possible spike up to the upper resistance level of the long-term trend channel near $60 (see daily chart below). The long-term picture is still bullish, although the MACD is approaching overbought territory, and short-term traders could face a deeper correction, back to the prior high at $38.

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Litecoin, Daily (long-Term) Chart Analysis

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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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4.7 stars on average, based on 113 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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Trade Recommendation: Huntercoin

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The Huntercoin/Bitcoin (HUC/BTC) market exhausted its bull run on June 21, 2017 when it generated a lower high of 0.000115. Things took a turn to the worse when it broke support of 0.00006 on July 7. Since then, the pair generated consecutive lower highs and lower lows until it finally established a bottom at 0.00001003 on October 23. At this price level, the market shed over 91% of its value from the lower high of 0.000115.

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HUC/BTC consolidated for a couple of months until it surged on December 23, and took out resistance of 0.00002. The breakout was so strong that it went as high as 0.00004084 on January 12, 2018. Breakout players exploited the ascent which ignited massive profit taking. Consequently, the market dipped, and went as low as 0.00001816 on February 6. This pullback is your opportunity to enter the market at the early stages of a possible bull run.

Technical analysis reveal that the Huntercoin/Bitcoin market is creating a bullish higher low setup at 0.00002. At this price point, breakout players have most likely sold all of their positions. The thin trading volume over the last seven days supports this assumption. In addition, volume surged on February 8 after the market went below 0.00002. This indicates that bulls are prepared to defend the new support level.  

The strategy is to buy as close to 0.00002 as possible. If bulls claim 0.00002, the market will likely use it to reach our target of 0.00004. The process may take a month.

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Daily Chart of Huntercoin/Bitcoin on Poloniex

As of this writing, the Huntercoin/Bitcoin pair is trading at 0.00002148 on Poloniex.

Summary of Strategy

Buy: As close to 0.00002 as possible.

Target: 0.00004

Stop:  0.000018

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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4.3 stars on average, based on 68 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: Expanse

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The Expanse/Bitcoin (EXP/BTC) market lost all bullishness on January 20, 2018 when it generated a lower high of 0.0005369. Bears took complete control of the market 10 days later when the market broke the 0.0004 support level. While the market did bounce and reach as high as 0.00043384 on February 4, the rally was not strong enough to reclaim 0.0004. On the same day, the market closed at 0.00034183, validating the downtrend.

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Bears continued their rampage as they extended their reach to 0.0003. Bulls tried to defend the support level but the selling pressure was just too immense. On February 20, the market finally closed below 0.0003, which triggered another round of selling. While the breakdown might cause others to panic, this could be a good opportunity to buy positions.

Technical analysis show that the Expanse/Bitcoin market is well on its way to support of 0.0002. That level is the target of the head and shoulders reversal pattern that was triggered on January 30. The break below 0.0003 support affirms this view. In addition, the market would lose over 66% of its value if it touches 0.002. At that point, many participants would most likely be in a depressed state. That’s a good place to start picking up positions.   

The strategy is to buy as close to 0.002 as possible. If bulls successfully defend this level, the pair will likely bounce and reach our target of 0.004. The process may take a month.

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Take note: the market is still in a downtrend. We’re just playing the bounce.

Daily Chart of Expanse/Bitcoin on Poloniex

As of this writing, the Expanse/Bitcoin pair is trading at 0.00027006 on Poloniex.

Summary of Strategy

Buy: As close to 0.0002 as possible.

Target: 0.0004

Stop:  0.000183

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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4.3 stars on average, based on 68 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: Decred

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The Decred/Bitcoin (DCR/BTC) market went in a downtrend on July 16, 2017 when it broke support of 0.01. This triggered a bearish head and shoulders reversal pattern. While the market did bounce on July 29 to reach 0.01325, it closed below 0.01 the next day. Bulls tried to defend the support level, but selling pressure was too strong. The market went below 0.01 on August 4, and since then, it has never closed above that level again.

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With increased selling activity, the market generated a series of lower highs and lower lows. The pair continued to plunge until it bottomed out at 0.00279756 on December 7. At that price level, the market lost over 72% of its value after breaking 0.01 support. Bottom pickers exploited the drop, and pushed the market to as high as 0.00987776 on January 31, 2018. While the market has corrected since then, it presents you an opportunity to place buy orders cheap.  

Technical analysis show that the Decred/Bitcoin market has achieved the target of the head and shoulders pattern when it went below 0.003. More importantly, the pair appears to be creating a bullish higher low setup at 0.007. If bulls get to defend this level, they can use it to launch a rally.  

The strategy is to buy as close to 0.007 as possible. If the market respects 0.007, it will likely rally to our target of 0.01. The process may take less than a month.

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Daily Chart of Decred/Bitcoin on Poloniex

As of this writing, the Decred/Bitcoin pair is trading at 0.00752342 on Poloniex.

Summary of Strategy

Buy: As close to 0.007 as possible.

Target: 0.01

Stop:  0.067

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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0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
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4.3 stars on average, based on 68 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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