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Trade Recommendation: XZCBTC

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Usually, breakouts from patterns tend to pull back to their breakout levels. A successful retest of the breakout from a large basing pattern is a good time to buy. It usually indicates the start of a new uptrend and offers the traders an entry with low-risk. We believe that the set up on XZCBTC fits the bill and is worthy of a long position at the current levels.

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Key points

  1. ZCoin has broken out of a large range and is likely to start a new uptrend
  2. Buy XZCBTC

Weekly chart

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On the long-term chart, ZCoin is trading in a broad range of $0.002 and $0.00759. The attempts by the bears to breakdown of the range failed in October of this year. The cryptocurrency has started to trend up and is likely to rally towards the upper end of the range. If it manages to break out of the large range, it is likely to gain momentum. The current levels offer us an opportunity to buy near the lower end of the range, which reduces our risk. Let’s see the entry and exit levels on the daily chart.

Daily chart

The daily chart shows twin peaks made in mid-April and end-June of this year. However, since July of this year, the stock was stuck inside a range of $0.00162 on the lower end and $0.0036 on the upper end.

An attempt to break out of the range failed on August 10. Thereafter, the cryptocurrency again broke out of the range on November 21 and quickly climbed to $0.005 levels.

As is the case with most breakouts, the digital currency also pulled back towards the breakout levels. For the past four days, the bears have been trying to sink ZCoin back into the range.

However, strong buying by the bulls has pushed the virtual currency back above the range. We expect ZCoin to rally towards its pattern target of $0.0055 and thereafter to $0.007 levels.

However, the cryptocurrency can face resistance at the $0.005 levels, where the traders can book partial profits and raise the stops on the remaining position.

We recommend buying XZCBTC at the current levels of $0.0038 with a stop loss of $0.0030.

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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4.7 stars on average, based on 9 rated postsRakesh Upadhyay is a Technical Analyst and Portfolio Consultant for The Summit Group. He has more than a decade of experience as a private trader. His philosophy is to use technical analysis for momentum trading and fundamental analysis for long-term positions. Rakesh likes to keep himself fit by lifting weights and considers himself to be a spiritual person.




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3 Comments

3 Comments

  1. ridge195

    December 7, 2017 at 7:35 am

    With the btc surge would you still think selling at the stop loss is a good strategy with all the alts dropping? Would you expect a comeback in alts when btc corrects a bit? Thanks and appreciate all your insight.

    • Rakesh Upadhyay

      December 7, 2017 at 2:09 pm

      Hello ridge195,

      Sorry for the late reply. I had gone out for some work.

      Well, if you haven’t sold the position till now, I believe it is better to hold on to it. Once the bitoin futures start trading, I anticipate interest to shift to altcoins. XZCBTC is likely to rebound and provide us an opportunity to exit.

      With warm regards
      Rakesh Upadhyay

      • ridge195

        December 7, 2017 at 6:17 pm

        Thanks Rakesh,

        I was thinking the same. Feel a ton better knowing you feel the same.

        Have a good one!

        Eric

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Trade Recommendation: Platinum/EUR

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The Platinum/Euro pair (XPT/EUR) started its bull run in January 2009 when it took out resistance of 714. This triggered the rounding bottom reversal pattern on the monthly chart. The breakout attracted so much momentum that it became parabolic. This catapulted the pair to as high as 1,393.13 in May 2010.

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At this price point, the market flashed bearish signals. It was in overbought territory. Moreover, the monthly candle was a huge spinning top implying indecision. Those who saw the writings on the wall began to take profits.

Platinum/Euro dropped to 1157.36 in July 2010. Bottom pickers saw that the pair respected the 78.6% Fibonacci level so they bought the dip. They sparked a rally to 1,370.39 in January 2011.

Unfortunately for buyers at this level, the lower high showed that the bulls were tapped out. In response, market participants dumped their positions. XPT/EUR posted lower highs and lower lows as selling became the theme. Recently, however, it is showing signs of reversal.

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Technical analysis show that XPT/EUR may have bottomed out at 735.54 in April 2018. This comes after the pair generated a bullish divergence on the monthly chart. Also, the pair appears to respect the 23.8% Fibonacci level. Lastly, it looks to have generated a higher low at 743.88 on May 21 on the daily chart.

The strategy is to buy on dips as close to 750 as possible. As long as bulls stay above this level, they have all the momentum they need to climb to our target of 850.

The process may take more than three months.

Monthly Chart of Platinum/Euro

As of this writing, the Platinum/Euro pair is trading at 763.65.

Summary of Strategy

Buy: Buy on dips as close to 750 as possible.

Target: 850

Stop: Close below 728.

 

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 170 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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For every market route there is a silver lining. Without a market shakeout there can be no new bull market. Hence, we may be yet again at a new bottom and ready for a move up for Ethereum. The ETHUSDT coin price has developed a minor uptrend just above the Monthly Pivot level.

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Currently the Daily Pivot Range is holding the price intact with support at these levels. At the time of writing the price is sitting at exactly the 3 Day Rolling Pivot level (yellow dots).

When we have a number of Pivots and Pivot Ranges in close proximity like this, I call it a Pivot Stack. This is where we see the vertical stacking of the Pivots which forms a very strong price level from which we can discern a high probability setup. This is a somewhat dispersed Pivot Stack, but nonetheless is a good area of support.

We want to “lean against” the support or resistance in these setups. In this case we will want to lean against the support and look to take a long position. But we want to have confirmation by awaiting the price to go above the Monthly Pivot Range high, which is key resistance.

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So the action to take is to place a buy order slightly above the Monthly Pivot Range high.

Place your stop loss and profit targets stated below.

Entry Price: 627.00
Stop Loss: 568.00
Profit Targets: First profit target 687.00. Second profit target 710.00. Once price hits first profit target raise the stop loss to breakeven.

Disclaimer: The writer owns Ripple, Litecoin, 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 stars on average, based on 57 rated postsI am the founder of VirtuesTrading.com, where traders can learn to use my Virtues Trading System. Formerly a Commodity Trading Advisor, I got my start in the Energy and Precious Metals Options & Futures pits of the New York Mercantile Exchange. I operate on the premise of efficient markets, the management of risk through the analyzation of price action and technical indicators. I have a BA in International Relations from the University of Southern California.




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Trade Recommendation: Bitcoin Cash

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A bottom may be in for the BCHBTC coin price. Currently the Daily Pivot Range (blue dots) is holding the price intact at these levels in a somewhat sideways channel. There is a minor uptrend that has developed along the Monthly Pivot level. Along with these Pivots we have the 3 Day Rolling Pivot Range holding support there as well.

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When we have a number of Pivots and Pivot Ranges in close proximity like this, I call it a Pivot Stack. This is where we see the vertical stacking of the Pivots which forms a very strong price level from which we can discern a high probability setup.

We want to “lean against” the support or resistance in these setups. In this case we will want to lean against the support and look to take a long (buy) position. But we want to have confirmation by awaiting the price to go above the Monthly Pivot Range high, which is key resistance, at .140700.

Sometime there is a chance the price penetrates this key level and retraces back into the “channel”. These trades are about probabilities, so we will place our stop loss at a sensible level and live with the risk as long as the risk reward ratio is favorable to us or at a minimum 1:1.

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Place your stop loss and profit targets stated below.

Entry Price: .140700
Stop Loss: .133900
Profit Targets: First profit target .149000. Second profit target .152500. Once price hits first profit target raise the stop loss to breakeven.

Disclaimer: The writer owns Ripple, Litecoin, 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 stars on average, based on 57 rated postsI am the founder of VirtuesTrading.com, where traders can learn to use my Virtues Trading System. Formerly a Commodity Trading Advisor, I got my start in the Energy and Precious Metals Options & Futures pits of the New York Mercantile Exchange. I operate on the premise of efficient markets, the management of risk through the analyzation of price action and technical indicators. I have a BA in International Relations from the University of Southern California.




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