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Trade Recommendation: Zcash

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The Zcash/US Dollar pair (ZEC/USD) lost almost 70% of its value this year when it dropped to $150.10 on July 12, 2018. With such a huge plummet, some investors might think it’s prudent to stay on the sidelines for now and wait for a clear sign of reversal. While they wait, we think there’s a good opportunity to bottom fish the market. We have technicals to support our view.

Technical analysis show that Zcash/US Dollar has broken out of a falling wedge pattern on the daily chart. The breakout comes after the pair dropped to long-term support of $150. This inspired the market to rally to as high as $222 on July 2. The rally, however, was short-lived as those trapped around $200 dumped positions to minimize losses. Nevertheless, ZEC/USD continues to show signs of strength.

First, the retest of support on July 12 and 13 was a huge success. Currently, we can see the pair creating a bullish pennant on the hourly chart. On top of that, the market has managed to turn the daily RSI resistance of 46.65 to support. Lastly, we can see a long bullish divergence on the daily MACD.

The strategy is to buy as close to $170 as possible. If bulls stay above this level, the market will likely rally to our initial target of $240. Take that out and the market has an easier path to $280, but that may take some time.

The process may take more than a month.

Daily Chart of ZEC/USD on Bitfinex

As of this writing, the ZEC/USD pair is trading at $174 on Bitfinex.

Summary of Strategy

Buy: As close to $170 as possible.

Target: $240 first and then $280.

Stop: $164

 

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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3.8 stars on average, based on 308 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: Komodo

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Komodo (KMD/BTC) printed a fresh 2018 low of 0.00013 on November 24. At that price, the market lost almost 90% of its value from last year’s high of 0.0012598. More importantly, KMD/BTC breached the line in the sand of 0.000154. This means that the market had no known support below that level. In other words, there was no way of knowing when Komodo might bottom out.

Thus, we had to wait for one of two things to happen for this coin to become tradeable. The first is to wait for the market to establish a new support. The second is to see whether the market can reclaim 0.000154. Fortunately, Komodo preferred the second option.

After reclaiming 0.000154, it rallied to as high as 0.0002509 on December 31. While the market is currently pulling back, it is giving us the opportunity to buy the bottom end of the range.

Technical analysis shows that KMD/BTC is headed to support of 0.000154. This view comes after the market broke below the range midpoint of 0.0001968 on January 6, 2019. Komodo then retested it as resistance on January 10.

On top of that, Komodo is also forming a bear flag on the shorter time frame. This suggests that the continuation of the short-term bearish trend. Also, the market just breached its diagonal support while creating the bear flag. With this breakdown, we can form the expectation that Komodo is going down to the range low.

The strategy is to be patient and buy as close to 0.000154 support as possible. As long as KMD/BTC stays above this level, we are correct to assume that the market is currently trading sideways. Thus, after accumulation at the range low, Komodo will likely climb to our initial target of 0.0001968. Take that out and the next target is 0.000239.

The process may take a month.

Daily Chart of Komodo/Bitcoin on Binance

As of this writing, the Komodo/Bitcoin pair is trading at 0.0001791 on Binance.

Summary of Strategy

Buy: As close to 0.000154 as possible.

Targets: 0.0001968 and 0.000239.

Stop: 0.000148

 

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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3.8 stars on average, based on 308 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: WINGS

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WINGS (WINGS/Bitcoin) bounced off lows of 0.00001702 on September 12, 2018. At that price level, the market lost over 90% of its value from last year’s peak of 0.00018. Nevertheless, the heavy losses inspired bottom pickers and bargain hunters to come together and start a buying frenzy. This ignited a strong rally that enabled WINGS to take out the top end of the range of 0.00003088 and climb as high as 0.00004173 on November 7.

At that point, WINGS needed to flip 0.00003088 resistance into support in order to trend higher. Unfortunately, bears reclaimed the resistance as market participants took advantage of the rally to lock in gains. This sparked a selling activity that saw WINGS drop to our range low. The good news is this allows us to bottom pick the market.

Technical analysis shows that WINGS/BTC is trading sideways. This view comes after the market respected our range low of 0.0000184. With bulls successfully defending the support, we now have a double bottom pattern on the daily chart. This tells us that a durable low is in.

In addition, the drop to the bottom end of the range has given technical indicators the time they need to cool off. The daily RSI is far from overbought territory. Also, we can see how volume significantly declined ever since WINGS tapped the range high. This tells us that the market’s sentiment is shifting from profit-taking to base-building.

The strategy is to buy as close to 0.0000184 support as possible. As long as WINGS/BTC stays above this level, it will likely gather the momentum to rally to our target of 0.00002458. Take that out and the next target is 0.00003088.

The process may take a month.

Daily Chart of WINGS/Bitcoin on Binance

As of this writing, the WINGS/Bitcoin pair is trading at 0.00002004 on Binance.

Summary of Strategy

Buy: As close to 0.0000184 as possible.

Targets: 0.00002458 and 0.00003088.

Stop: 0.0000177

 

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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3.8 stars on average, based on 308 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: Insolar

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Insolar (INS/BTC) is a market that looks ready to test a key resistance area. It all started when Insolar breached support of 0.00004 on September 11, 2018. At that point, the market was poised to generate fresh 2018 lows. However, bears look extremely exhausted and this inspired bulls to mount an uprising. As a result, Insolar rallied to as high as 0.0001032 on October 12.

While Insolar retraced, market participants managed to keep the market’s momentum alive by generating a bullish higher low of 0.0000485. This told us that the fear of missing out is likely in. You can see that in recent price action as the market refuses to generate a lower low.

Technical analysis shows that INS/BTC is creating a cup and handle pattern on the daily chart. With a bullish higher low in place, we expect the market to keep trending higher. On top of that, Insolar has managed to recover the range midpoint of 0.00007. As long as the market stays above that level, the likelihood of touching the top end of the range is high.

In addition, we recently saw a golden cross between the 50 MA and the 200 MA on the daily chart. On top of that, it appears that the 50 MA is on track to cross above the 100 MA. With all three moving averages acting as support, they will serve as a strong escalator to help the price trend higher.

The strategy is to buy on dips as close to 0.000072 as possible. As long as INS/BTC stays above this level, it will likely gather the momentum to rally to our target of 0.0001. Take that out and the next target is 0.0001278.

The process may take a month.

Daily Chart of Insolar/Bitcoin on Binance

As of this writing, the Insolar/Bitcoin pair is trading at 0.0000780 on Binance.

Summary of Strategy

Buy: As close to 0.000072 as possible.

Targets: 0.0001 and 0.0001278.

Stop: 0.000069

 

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
1 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 5 (1 votes, average: 5.00 out of 5)
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3.8 stars on average, based on 308 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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