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Trade Recommendations, June 5th: Buy Litecoin

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LTC has been lagging the other majors in recent weeks, trending lower compared to Bitcoin, and trading in a broad consolidation pattern against the USD. The Bitcoin chart is showing a lengthy bullish divergence, respecting a strong support zone around the 0.010 level, with a break-out of the consolidation expected in the coming days.

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LTC/BTC 4-Hour Chart Analysis

So far the rally attempts were stopped by the declining short-term trend-line which is converging with the support zone and the rising long-term trend-line this week. On the Dollar pair, the currency is still trading near the $30 mark, with the declining trendline of the consolidation pattern still holding back the currency.

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LTC/USD 4-Hour Chart Analysis

The initial target for the move is the 0.015 resistance on the Bitcoin pair, while the Dollar pair could rise into the $45-$50 range in the coming weeks. The bearish scenario is a sustained break below the 0.010 support, so stop-loss orders could be placed around the 0.08 level, and around the $24.50 on against the USD. More aggressive traders could wait for the break-out and use tighter stops.

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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6 Comments

6 Comments

  1. sambkf

    June 5, 2017 at 6:42 pm

    Where are you geometry charts ? There were pretty nice as a guide line to make trade decisions

    • Mate Cser

      June 6, 2017 at 1:12 am

      Hello Samuel, Jim is no longer contributing to the site, I will be providing daily crypto-analysis. Let me know if you have any questions regarding my approach.

  2. embersburnbrightly

    June 5, 2017 at 8:19 pm

    When I ventured into the world of cryptocurrency investment a few months ago, I put a large part of my initial funds into Litecoin. After a quick rise in value, Litecoin then went down and just sort of stayed there. I was tempted several times to sell off at least half of my Litecoins, but something told me I would ultimately regret doing so; so I just took the hit and let it ride. Litecoin does appears to be going up quickly right now, so selfishly I hope that will continue to be the case. It seems inevitable that Litecoin will eventually increase in value, so as a long-term investor, I suspect my initial investment will pay off in the long run. It has certainly done so with ethereum, the other coin I bought into fairly heavily at the onset. Thank you for this recommendation.

  3. gnosisspiral

    June 12, 2017 at 5:46 pm

    Does this recommendation consider the possibility Bitcoin will have segwit by August 1st 2017— this could be a possibility and will undoubtedly have impact on the price of Litecoin.

    • Mate Cser

      June 12, 2017 at 9:04 pm

      Right, it will have an effect on Litecoin, but for me it doesn’t change the basic premise of LTC. We will do an overview on Litecoin where we can discuss the fundamentals. Thanks for the input!

  4. c.p.casuse9

    June 17, 2017 at 3:51 pm

    Bought litecoin on your recommendation at $29, suffice to say you nailed it!

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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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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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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.

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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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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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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