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Trade Recommendation: WAX

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WAX is the #92 ranked cryptocurrency with a market cap of $64 million. Over the past several months, WAX token has crashed harder than most the other top 100 tokens. This is mostly do to news way back in June of Valve, the developer of the popular game Counter-Strike; Global Offensive (CS;GO), sending a cease and desist order to OP Skins. OP Skins responded by saying, “The future of digital item trading is instant, free, and peer-to-peer. Wax is being built to support a post-Valve trading economy. Valves’ decision was not unexpected, one company cannot kill the digital item trading industry.”

There are over 80 employees developing the WAX ecosystem. They already came out with their own skin making platform called VGO, it’s the most used Dapp in all of crypto. Through VGO, games can create and sell their own unique items on the WAX blockchain, similar to Ethereums ERC721 protocol. These NFTs will be designed to be interchangeable in future games. The first game to use them called, The Forge Arena is already being played.

The team has formed several new partnerships including Terra Virtua, a new startup apparently some are calling the “Netflix of VR”.

Just a couple days ago they announced WAX Stickers. A promising new concept that allows creating and selling unique stickers that can be used with skins or in other forms of social media.

Upcoming Catalysts

  • WAX is partnered with Robotcache, a platform to resell your digital PC games. Instead of doing an ICO, Robotcache is raising funds privately, and in Q4 will airdrop a small percentage of their IRON tokens to WAX holders.
  • WAX platform/protocol token will be issued to all WAX holders at a 1:1 ratio in Q4. This new token will be the backbone of the ecosystem.
  • Guild creation and voting starts in Q4. Guild leaders are allowed to reward WAX holders for votes.
  • WAX is still not listed on Binance.
  • October 28-29, they will be presenting at TwitchCon
  • October 30- Nov 2, presenting at World Crypto Con. Both of these conferences are huge.

Past 8 months chart in BTC

Summary of Strategy

The lowest price it has been is around 860 sats for a short period just last month. It currently sits at 1040 sats after a recent 10% spike.

Buy: Current price or lower 0.00001020

Target: 0.00001640 (try to hold thru the airdrop Q4, the exact date will be announced soon on Telegram. sell the old ETH-WAX right after receiving the new airdrop)

Stop: 0.0000850

Join the WAX community https://t.me/wax_io

Disclaimer: The writer owns WAX token.

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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4.2 stars on average, based on 26 rated postsJoshua Larson is also known as the "Bullshit Man" for his ability to spot it a mile away. Avid ICO researcher and contributor. Former professional poker player/backer. Spent 10 years analyzing hand history, stats, and player data. Discovered blockchain in late 2016, and never looked back. He now uses his analysis skills to investigate ICOs full time. What a perfect match, because in today's crazy world of ICOs, information, passion, and diligence = dollar bills!




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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 269 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: Storj

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Storj/Bitcoin (STORJ/BTC) has been making some serious bullish moves. On September 19, 2018, the market broke out of a large descending channel on the daily chart with good volume. This sparked a rally to 4,695 satoshis on the same day.

As the rally faded, Storj pulled back to 3,791 satoshis and flipped the descending channel resistance into support on September 26. The successful retest launched a strong rally that triggered the break out from the inverse head and shoulders pattern on the daily chart. At this point, we can say that Storj has reversed its trend. Now, we look to buy the breakout.

Technical analysis shows that STORJ/BTC is retesting support of 4,750 satoshis. So far, bulls are defending the support and we believe that they will continue to do so.

First, RSI support of 45 RSI appears to be holding up. With this development, the RSI has managed to create a second higher low in two months.

Also, many bottom pickers and breakout traders have taken profits during the rally to 6,662 satoshis on October 31. This heavy volume rally eliminated a lot of sellers. You can see this in the declining volume after the October 31 spurt. With the market’s bullish sentiment, the limited supply might inspire another rally.

The strategy is to buy the retest of support as close as 4,750 satoshis as possible. As long as bulls keep this support, they are likely to launch a rally to our target of 7,000 satoshis.

The process may take more than a month.

Daily Chart of Storj/Bitcoin on Binance

As of this writing, the Storj/Bitcoin pair is trading at 4,845 satoshis on Binance.

Summary of Strategy

Buy: As close to 4,750 satoshis as possible.

Target: 7,000 satoshis.

Stop: 4,578 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 269 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: Basic Attention Token

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The Basic Attention Token/US Dollar (BAT/USD) pair climbed as high as $0.3877 on November 8, 2018. This move was fueled by the anticipation associated with the market’s Coinbase listing. Many market participants believed that Basic Attention Token would pump after getting listed on the exchange. This logic is sound but the market is highly illogical so it moved in an unexpected manner.

BAT was a sell on news as it dumped 28% overnight after the Coinbase listing. It has been dumping in the last few days but it looks like the end is in sight.

Technical analysis shows that Basic Attention Token is en route down to support of $0.2375. We are confident that this area will hold for several reasons.

First, the market’s dump is so steep. It happened with very little consolidation and almost no pullbacks. This is not sustainable. It’s only a matter of time before bears face exhaustion.

On top of that, we looked at the 4H RSI and saw that it is resting above support of 32. The indicator is in near oversold territory. This tells us that bears cannot keep up this rampage for long.

Lastly, volume has been declining since the November 8 dump. This is another indication of bearish exhaustion. Without volume, bears will not have the strength to take out support of $0.2375.

The strategy is to buy the dip as close to $0.2375 support as possible. If bulls hold this support, the market will likely consolidate for a bit before bouncing to our target of $0.30.

The process may take less than a month.

4-Hour Chart of Basic Attention Token/US Dollar on Binance

As of this writing, the Basic Attention Token/US Dollar pair is trading at $0.25822 on Bitfinex.

Summary of Strategy

Buy: As close to $0.2375 as possible.

Target: $0.30

Stop: $0.2273

 

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 269 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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