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Trade Recommendation: Zcash

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Yet another cryptocurrency, ZECUSDT, shows a similar chart pattern as the other cryptos, with the Monthly Pivot Range settling in on a tighter proximity to current price levels and a more narrow range. The significance of the low volume and narrow channeling action cannot be overstated as it will eventually give way to a violent move out of the constricted price. This is a foregone conclusion, so we need to be ready with correct levels of support and resistance to know how to play this market.

The 14 Day Pivot Moving Average has been in a sharp downtrend but is now in the late phase when it starts to bulge and begin its slide into a flat pattern awaiting an upturn and crossover to reverse its bias long.

For now we will need to be patient and wait for the market to move through the near term resistance of the Weekly Pivot Range (red/orange dots) while maintaining near term support of the 3 Day Rolling Pivot Range. We want to see the price close above the Monthly Pivot Range high before buying some Zcash money!

If the market unfolds with these bullish conditions, then the buy setup will be a very good risk reward trade. 

The action to take is to buy when the price closes above the Monthly Pivot Range high level and place the stop loss below the Monthly Pivot Range low. Place the profit targets as stated.

Entry Price: 307.00
Stop Loss: 261.00
Profit Targets:
First profit target 390.00. Second profit target 452.00 
Once price reaches first profit target bring the stop loss to breakeven (entry price). Then as price moves higher trail a stop loss 40.00 points back until 2nd profit target is reached or stopped out.

Disclaimer: The writer owns 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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3.7 stars on average, based on 78 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: Bread

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The cryptocurrency markets, especially altcoins are facing a brutal week. So many pairs are either in oversold or extreme oversold territory. While it may look scary to enter long positions at this point, it’s actually a good idea to be a contrarian. The immense selling in the past few days puts bulls in a good position to annihilate short positions.

In line with that, we believe Bread/Bitcoin (BRD/BTC) is poised for a strong rally.

Technical analysis show that BRD/BTC looks ready to break out of a large falling wedge on the daily chart. Yesterday’s pin bar candlestick supports this assumption. This shows that bottom pickers are buying the support.

In addition, we can see a bullish divergence on the daily RSI. This also affirms the idea that the market is gaining bullish momentum.

Lastly, the pair appears to be at the apex or at least near the apex of the falling wedge. With a bounce underway, bears would be hard-pressed to generate a lower high that’s so close to the support.

The strategy is to buy the breakout at 0.000055 after the pair prints volume of more than 2.3 million Bread units. Bears will try to put up a fight to keep market control. BRD/BTC needs buyers to absorb the selling pressure.

Once breakout is complete, the ensuing rally would likely take the pair to our target of 0.000075.

The process can take less than one month.

Daily Chart of Bread/Bitcoin on Binance

As of this writing, the Bread/Bitcoin pair is trading at 0.00004612 on Binance.

Summary of Strategy

Buy: Breakout at 0.000055 with volume of 2.3 million Bread units.

Target: 0.000075

Stop:  0.0000524 after 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.

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3.6 stars on average, based on 223 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: Monero

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The Monero/US Dollar pair (XMR/USD) climbed as high as $469.50 on December 20, 2017. This marked the end of an impressive bull run that saw the pair grow by more than 700% in four months. From this point, the XMR/USD has been in a downward spiral. The good news is that a significant bounce is on the horizon.

Technical analysis reveal that XMR/USD is showing signs of a potential rally. First, we see the pair about to hit the apex of the large falling wedge on the daily chart. This pattern is so large that it is also visible on the weekly chart.

A quick look at the falling wedge shows that the market always bounces when it drops to the support. The market is currently sliding down the support side of the wedge. This gives us reason to believe that a bounce is in play.

On top of that, XMR/USD is also about to touch its long-term support. This trend line has existed since March 2017. The strength of this support should make it difficult for bears to push the price further down.

Lastly, we can see a bullish divergence on the daily RSI. This tells us that XMR/USD is gaining momentum. This signal also affirms our arguments that the support will hold and that will lead to a significant bounce.  

The strategy is to buy as close to $80 as possible. Should bulls hold on to this key support, they will likely inspire a rally to our target of $125.

The process may take less than a month.

Daily Chart of Monero/US Dollar on Kraken

As of this writing, the XMR/US Dollar pair is trading at $82.59 on Kraken.

Summary of Strategy

Buy: Buy as close to $80.00 as possible.

Target: $125

Stop: $75

 

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 223 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: Aeternity

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The Aeternity/Bitcoin (AE/BTC) pair surprised investors when it went as high as 0.0006333 on April 29, 2018. Before that move, AE/BTC was trading at a low of 0.000159 on March 18. This means that those who bought at the low grew their investments by over 300% in less than a month.

Unfortunately for buyers at 0.0006333, participants exploited the pump. The market has been dropping since. Nevertheless, it appears that AE/BTC is ready for bottom picking.

Technical analysis show that AE/BTC is trading inside a large falling wedge. The pattern is about to hit the apex just as it is about to touch the line in the sand of 0.000165 support.

Call it coincidence, market psychology, or manipulation. What’s important is that we know that 0.000165 is an area where demand exceeds supply. This is the staging ground that kickstarted the bull run earlier this year when the market surged to 0.0006333. This tells us that the “smart money” likes to buy at this price level.

The strategy is to buy as close to 0.000165 support as possible. If our assumption is true, then the “smart money” or the “whales” will start buying at this level. They will also defend on the support to protect their positions. This should spark a rally to our initial target of 0.0002532.

The process can take less than one month.

Daily Chart of Aeternity/Bitcoin on Binance

As of this writing, the Aeternity/Bitcoin pair is trading at 0.000176 on Binance.

Summary of Strategy

Buy: As close to 0.000165 as possible.

Target: 0.0002532

Stop:  0.000159

 

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 223 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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