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Trade Recommendations Update, June 9th

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Gold: Long-Term Buy (Update)

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Gold, 4-Hour Chart Analysis

Gold got hit hard yesterday afternoon, just before the hearing of ex-FBI Director Comey (some would say in a slightly suspicious way) after a strong period that carried the commodity just below the $1300 level. Gold got close to our initial long-term target, and it remains on long-term buy signal despite the current correction. Short-term traders might exit their positions and take profits now (our entry point was $1229), as gold penetrated the prior swing low and it’s possibly entering a consolidation period. The stop-loss for our long-term trade remains at $1244.

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: Bitcoin

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This is a short term trade. The trading idea is based on a trend reversal signal. The double bullish divergence tells us that probably the market will bounce from the support and start a new uptrend. MACD lines support this idea and DMI allows opening long trades. Entry level is 10400.00 with stop orders at 8910.00 level. Profit targets are 12000.00 and 15000.00 levels. The part of trade volume can be left for long run. Please, note the market has potential for dropping lower. Use stop-loss orders and proper risk management strategies. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

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Market: BTCUSDT
Buy: 10400.00
Stop: 8910.00
Profit Targets: 12000.00 and 15000.00

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

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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: Riecoin

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On June 11, 2017, the Riecoin/Bitcoin pair reached a high of 0.000097. Unfortunately for market investors, the pair generated a bearish lower high of 0.000094 on June 19. The market went in a downtrend on June 27 when it broke support of 0.000068.  Since then, the Riecoin/Bitcoin pair tumbled to one lower low after another.

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It took the market around four months to find support at 0.000006. The market consolidated at that level until November 26 when volume and price suddenly surged. In a span of two days, the pair went from 0.000009 to 0.00002357. The market has been rallying since.

Technical analysis show that the market has created a bullish reversal pattern that relies on taking out resistance at 0.000036. The market may have closed above this level on January 11, but it did so while in extreme overbought territory. A pullback was in order to keep the ascent sustainable. This dip is an opportunity for you to enter the market cheap.

The strategy is to buy as close to 0.000021 as possible. If the market holds this level, it creates a bullish higher low that can serve as springboard to take out resistance at 0.000036. Create a new higher low, and we have targets of 0.000036 and 0.000068.

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Daily Chart of Riecoin/Bitcoin on Poloniex

As of this writing, the Riecoin/Bitcoin pair is trading at 0.00002227 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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Trade Recommendation: Golem

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The Golem/Ethereum pair lost all bullishness on May 28, 2017 when it generated a lower high at 0.003233. Extreme bearishness immediately followed as the market broke support at 0.0021 two days later. The pair posted one lower low after another until it established support at 0.00052 on November 24. In less than six months, the market lost around 85% of its value.

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The furious plunge eliminated most of the sellers in the market. That’s why the pair immediately bounced after finding support. It went from 0.00052 to 0.00140398 in about five weeks. Unfortunately, bears exploited the rapid ascent as they took profits at 0.0013 resistance. As a result, the market retreated.

Technical analysis, however, suggest that the market is forming a bullish higher low. The long wick below the body of the January 16 candle indicates the presence of buyers at 0.00058. In addition, RSI seems to respect support at 36. Also, volume has been declining for the last seven days which hints that sellers are losing ammunition.

The strategy is to buy as close to 0.00058 support as possible. The market is still in sideways consolidation so our target is the top end of the range at 0.0013.

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Daily Chart of Golem/Ethereum on Poloniex

As of this writing, the Golem/Ethereum pair is trading at 0.00065142 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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2 votes, average: 2.50 out of 52 votes, average: 2.50 out of 52 votes, average: 2.50 out of 52 votes, average: 2.50 out of 52 votes, average: 2.50 out of 5 (2 votes, average: 2.50 out of 5)
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