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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 money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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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: USDCHF

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This is a short term trade. The price is at the possible reversal zone formed by the support level and SMA100. RSI confirmed price reversal in the oversold zone. MACD supports further upward movement. ADX line of DMI falls and it allows us opening long trades. It’s a new trading opportunity. Buy orders can be placed at 0.99200 with stop at 0.98950 level. Profit targets are 0.99500 and 0.99800 resistance levels. The 4H chart confirms the uptrend but the daily chart looks bearish. If the market can break 0.99000 support level, it will be a signal of downward movement. That’s why it’s strongly recommended to use stop orders with long trades opened based on this trading signal. Don’t risk more than 3% from your deposit in this trade.

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Market: USDCHF
Buy: 0.99200
Stop: 0.98950
Profit Targets: 0.99500 and 0.99800

Disclaimer: The analyst does not have investments in USDCHF.

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Cryptocurrencies

Trade Recommendation: Stellar

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The price bounces from the support zone formed by the uptrend line, SMA100 and the support level. RSI confirms price reversal. MACD histogram supports upward movement and DMI allows opening long trades. It’s trading opportunity. Buy orders can be placed at 0.00000870 level with stop orders at 0.00000720 level. Profit targets are 0.00001200 and 0.00002000 levels. The daily chart does not give us strong bullish signals, that’s why this buy signal is more risky than it could be. You should invest small part of your deposit in this market or skip this trading opportunity. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

Market: STRBTC
Buy: 0.00000870
Stop: 0.00000720
Profit Targets: 0.00001200 and 0.00002000

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The trading signal is based on Poloniex chart.
Disclaimer: The analyst does not have investments in Stellar.

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Trade Recommendation: USDJPY

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This is a short term trade for the market which can be pushed down after a good upward movement. The price bounced from 113.60 level and RSI confirmed price reversal. MACD lines support downward movement. DMI is bullish but ADX line falls and it tells us that the bulls are not so strong. The higher time frame also gives bearish signals. We have trading opportunity now. Pending orders for sell can be placed at 113.42 level with stop orders at 113.62 level. Profit targets are 113.20 and 113.00 levels. Don’t risk more than 3% from your deposit in this trade.

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Market: USDJPY
Sell: 113.42
Stop: 113.62
Profit Targets: 113.20 and 113.00

Disclaimer: The analyst does not have investments in USDJPY.

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