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Trade Recommendation: Viberate

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The Viberate/Bitcoin (VIB/BTC) pair showed further signs of bearishness on February 20, 2018 when it broke below support of 0.000025. The new resistance was then tested on March 1 when the pair rallied to 0.0000307 only to close at 0.00002427. The confirmation of the resistance triggered a waterfall event that saw the pair drop to 0.0000145 on March 18. In about a month, the pair lost 42% of its value.

At this price level, the pair flashed reversal signals. First, it was in extreme oversold territory. Second, the daily candle was a hammer. This was a signal that bulls were starting to enter the buying scene. In addition, the 4-day, 8-day, and 21-day moving averages were all detached from the daily candle. This was an indication that the drop was unsustainable.

With a bottom in place, the pair began to rally. It went as high as 0.000029 on May 15 before succumbing to profit taking. VIB/BTC has been correcting since. This can be your chance to buy the bottom.

Technical analysis reveal that VIB/BTC is preserving support of 0.000014. While the market fell to 0.00001373 on June 13, bulls scooped up the market and lifted it back to above 0.000014. Moreover, we are starting to see reversal signals.

The pair is in extreme oversold territory. In addition, the market respects the 26.8 RSI support. Also, all the moving averages are detached from the daily candle. Lastly, the volume has been really thin. This tells us that bears are losing interest to sell at this level.

The strategy is to buy as close to 0.000014 support as possible. If bulls defend the support again, they may spark a rally to resistance of 0.000025. We’ll revisit the trade once the target is hit for the possibility of a breakout.

The entire process might take less than a month.

Daily Chart of Viberate/Bitcoin on Binance

As of this writing, the Viberate/Bitcoin pair is trading at 0.00001447 on Binance.

Summary of Strategy

Buy: As close to 0.000014 as possible.

Target: 0.000025

Stop:  0.00001373

 

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 225 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: Qtum

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The Qtum/Bitcoin (QTUM/BTC) pair is down over 82% year-to-date. The market has been in a long and painful downtrend since early this year. Just looking at the chart can make you feel depressed even if you’ve never invested in the pair. The sharp drops throughout this bear market received little to no resistance from bulls. It’s as if bulls have given up hope.

At this point, however, it pays to be a contrarian. Hopelessness and depression are signs of a bottom. The “smart money” usually comes in when the public has abandoned the market. We’re starting to see this in QTUM/BTC.

Technical analysis show that the pair is hovering just above its historic support of 0.0006. This is the market’s line in sand. Bulls must defend it if they have any hope of keeping the market stable. It looks like they got the memo.

On August 14, 2018, volume suddenly spiked as QTUM/BTC dropped to 0.00061. Volume remained elevated until August 17 when the market printed volume that’s never been seen since April 2018. Someone is buying the support and that someone is buying in bulk. To this someone, the market does not look hopeless or depressing.

The strategy is to buy as close to 0.0006 support as possible. If the backtesting of the historic support is a success, QTUM/BTC might be able to generate the momentum needed to break out of the large falling wedge and rally to our target of 0.001.

The process may take less than a month.

Daily Chart of Qtum/Bitcoin on Binance


As of this writing, the Qtum/Bitcoin pair is trading at 0.000662 on Binance.

Summary of Strategy

Buy: As close to 0.0006 as possible.

Target: 0.001

Stop:  0.00059

 

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 225 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: Litecoin

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Litecoin (LTC/USD) is coming off lows just like many altcoins. The cryptocurrency dropped to as low as $49.33 on August 14, 2018. At that point, the plummet seemed unstoppable. It’s as if bears were determined to short the market even if it was already trading in extreme oversold territory. However, bottom pickers started to enter the market just as LTC/USD was about to breach major support levels.

Technical analysis show that LTC/USD is still trading inside a large falling wedge pattern on the daily and weekly charts, but that won’t be the case for long. The market is approaching the wedge’s apex. As it does, it is also about to hit two major support levels: the parabolic support and the long-term support.

The recent bounce is affirmed by a sudden volume surge. The volume spike may not be extreme but it’s noticeable. This tells us that bulls also see the convergence of supports and they are now buying the market.

Lastly, we can see a large bullish divergence on the daily MACD. The market continues to gather strength even as the price falls.

The strategy is to buy the retest of support as close to $50 as possible. If bulls hold $50, they will likely gather the momentum they need to break out of the falling wedge and quickly climb to our target of $80.

The process may take less than a month.

Daily Chart of Litecoin/US Dollar on Coinbase

As of this writing, the Litecoin/US Dollar pair is trading at $56.05 on Coinbase.

Summary of Strategy

Buy: As close to $50 as possible.

Target: $80

Stop: $48

 

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 225 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: Ethereum

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Just like many cryptocurrencies, Ethereum (ETH/USD) is having a terrible month. Investor outlook turned bleak on August 14, 2018 when the market plummeted to $249.93. At that point, Ethereum was down over 80% from its all-time high of $1,424.30. Just as Ethereum started to look hopeless, bottom pickers emerged.

Technical analysis show that ETH/USD is at the apex of a large falling wedge on the daily and weekly charts. The drop to $249.93 was seen as a buying opportunity since bulls came in droves. You can see this in the recent volume surge. We haven’t seen this volume since May.

The increase in demand pushed the market above $285 support. This is critical as $285 is the staging ground of the rally that saw the cryptocurrency skyrocket to $1,424.30. This tells us that ETH/USD may be badly beaten but it is not yet broken.  With the market above $285 again, bulls can use it to gather momentum and break out of the falling wedge.

The strategy is to buy the breakout at $325 as long as the market volume of 380,000 Ethereum is met. Those who bought the bottom might take profits at $325. ETH/USD needs buyers to absorb the selling pressure.

Once ETH/USD takes out $325, it can climb to our target of $520. Sell immediately.

The process may take less than a month.

Daily Chart of Ethereum/US Dollar on Bitfinex

As of this writing, the ETH/USD pair is trading at $304.22 on Bitfinex.

Summary of Strategy

Buy: Breakout at $325 with volume of 380,000 Ethereum.

Target: $525

Stop: $300 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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
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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3.6 stars on average, based on 225 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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