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Trade Recommendation: Zcash

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The Zcash/Bitcoin exhausted all bullishness when it created a lower high of 0.167 on June 20, 2017. The downtrend was confirmed when it broke below critical support of 0.12 on July 1. From that point, the market created a series of lower lows and lower highs. It took the pair five months to find stability.

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On December 8, the market bottomed out at 0.01655895. In less than six months, the pair lost 90% of its value. That’s why when it established support at 0.02, the market quickly bounced. It knocked on resistance of 0.05 on January 10, 2018. While bears still control 0.05, it appears that bulls are preparing to reclaim that level.  

Technical analysis show that the market is creating a bullish inverted head and shoulder reversal pattern that hinges on the breach of 0.05. To have a good chance at taking out this resistance, the market needs a volume of more than 2,000 bitcoins. Those who bought at the bottom will most likely take profits at 0.05. The pair needs a fresh set of buyers who can absorb the selling pressure.

The strategy is to buy the breakout at 0.05 with the prescribed volume. Take out this resistance level, and we have a target of 0.08, which could be achieved in a month after the breakout.

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Daily Chart of Zcash/Bitcoin on Poloniex


As of this writing, the Zcash/Bitcoin pair is trading at 0.041941 on Poloniex.

 

 

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 149 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: Micron Technology

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Technical Overview

  • Micron Technology has experienced a 6.5-fold increase since May 2016. During this 2-year period, the stock found support at its intermediate-term trendline on numerous occasions (green trendline and arrows in Figure 1).
  • From the last retest of the intermediate-term support (last green arrow), the stock moved sharply higher, carried by a steeper support (violet trendline). The same trendline served as a resistance for two weeks in March 2018, when it was retested from below (last two violet arrows).
  • Today (April 23), the stock is breaking below its short-term support (orange trendline), after failing to remain above its 50 SMA on Friday (not shown).

Figure 1. MU Daily Chart

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Implications

  • By the time its correction is over, the stock is expected to have retested the intermediate-term support (green trendline). If the decline is severe and swift, the stock may bounce off the $40 level (i.e. target is the higher of $40 and the green trendline).
  • The stock’s 2018 Resistance (the trendline connecting the March 21 and April 18 highs) is expected to serve as a resistance (red trendline).

Outlook

  • Bearish as long as the stock is trading below its 2018 Resistance.
  • Neutral if the stock moves above the 2018 Resistance.

Trade Recommendation

  • Short at current levels ($48.75 – $49.25)
  • Target: Higher of $40 and green trendline
  • Stop: A close above the red trendline (currently at approximately $53.35, falling by roughly 40 cents/day).

 Benefits of Recommended Trade

  • A favourable risk-reward profile (roughly 1 : 2.25).
  • A sloping-down resistance used as a stop, resulting in an improving risk-reward profile of the trade as time goes by. The steep negative slope of the 2018 Resistance may potentially lead to a situation where the trade is “unsuccessful” (i.e. the stop is hit first before the target), however, still profitable. This is so as the 2018 Resistance will already be below current prices by mid-May (i.e. may get stopped out at a lower price than when the short was initiated).

Disclosure: No position

Featured image courtesy of Shutterstock.

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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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Trade Recommendation: NZD/PHP

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The New Zealand Dollar/Philippine Peso pair (NZD/PHP) started its bull run in May 2009 when it took out resistance of 30. The solid base below 30 helped sustain a long bull run that saw the market go as high as 39.155 in March 2014. In about five years, the New Zealand Dollar grew by over 30% against the Philippine Peso.

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Unfortunately for buyers at this level, trend followers began to take profits. The market dropped to 36.902 in June 2014 before bottom pickers stepped in to buy the dip. Bulls tried to keep the momentum alive but they could only carry the market to 38.558 in the same month. With a lower high in place, the pair broke 38 support in July 2014.

From that point, the pair generated a series of lower highs and lower lows until it bottomed out at 29.196 in September 2015. NZD/PHP has been rallying since. It’s may be in a good position to take out resistance of 38.

Technical analysis show that the New Zealand Dollar/Philippine Peso pair is ripe for a bullish reversal as it threatens to breach resistance of 38. Bollinger bands are beginning to contract which means that we may see increased volatility soon. With a bullish bias, the volatility might be the catalyst that takes the market above 38 and trigger the large cup and handle pattern on the weekly chart.

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The strategy is to buy the breakout at 38. If bulls complete the breakout, they will likely create a base and may climb to our target of 46. The process may take a year.

Weekly Chart of NZD/PHP


As of this writing, the NZD/PHP pair is trading at 37.521

Summary of Strategy

Buy: Breakout at 38.

Target: 46

Stop: 36.5 after the breakout.

 

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 149 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: VCash/Bitcoin

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The Vcash/Bitcoin pair (XVC/BTC) pair launched its bull run on December 25, 2017 when it took out resistance of 0.00006. The price action triggered the rounding bottom reversal pattern on the daily chart which catapulted the pair to as high as 0.00008801 on January 15, 2018. In the less than one month, XVC/BTC grew by over 46%.

As the market achieved the target of the reversal pattern, breakout players started to dump positions. The pair dropped to 0.00005443 on January 17. While bottom pickers bought the dip, they could only inspire a dead cat bounce to 0.00006822 on January 18. The lower high was a signal that bulls are no longer in control.

Market participants responded by locking gains or cutting losses to preserve their capital. XVC/BTC then posted a series of lower highs and lower lows until recent price action.

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Technical analysis show that Vcash/Bitcoin has broken below 0.000035 support on April 5. However, bulls stepped in and lifted the pair to as high as 0.00004035, today April 23. This indicates that the break below 0.000035 was a false breakdown. The bear trap could ignite a rally that can push the market to our target.

The strategy is to buy as close to 0.000038. As long as 0.000035 support holds, the market may have enough momentum to climb to our target of 0.00006.

The process may take a month.

Daily Chart of XVC/BTC on Poloniex

As of this writing, the Vcash/Bitcoin pair is trading at 0.00003896 on Poloniex.

Summary of Strategy

Buy: As close to 0.000038 as possible.

Target: 0.00006

Stop: 0.000035

 

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 149 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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