Connect with us

Recommendations

Trade Recommendation: ADABTC

Published

on

A sudden spurt in prices is to be noted because it may offer us a trading opportunity. However, we should avoid jumping on to a running train. We should wait for a consolidation to enter, which offers us a good risk to reward objective. One such cryptocurrency that fits the bill is ADA. Let’s see, why we like this.

Key points

  1. ADABTC jumped 400% within 3 days
  2. It is finding buying support at lower levels
  3. This is a momentum play

Daily chart

As ADABTC has a limited trading history, we shall not analyze its weekly chart. On the first day of its trading activity, it registered both its lifetime high and lifetime low. Intraday, it hit a high of $0.00002 and a low of $0.00000202.

After the huge volatility of day 1, the volatility reduced and the digital currency gradually drifted towards the lows.

However, on November 26, ADABTC started its bull run, which took it from a low of $0.00000339 to a high of $0.00001690 on November 28. That’s a huge 398% move within three days.

Thereafter, the digital currency corrected the massive move. We like the way ADABTC found buyers at the 61.8% Fibonacci retracement levels of the rally. This shows that buyers want to own it on dips.

For the past four days, the digital currency has been forming inside day candlestick patterns. This shows a coiling formation, which is likely to either breakout or breakdown soon. We want to enter a long position if the virtual currency breaks out to the upside. Let’s see the entry and exit levels on the 4-hourly chart.

240-minute chart

We find that ADABTC is currently trading inside a tight range. On the upper end, $0.000013 has been acting as a stiff resistance. We want to buy a breakout of this level. Thus, we recommend a long position at $0.00001330. We expect this breakout to carry the digital currency to $0.0000169 levels. A breakout of this level will propel the digital currency towards the lifetime highs.

Therefore, we suggest booking only 50% of profits at $0.00001690 and holding the rest with stops at breakeven.

As this is a momentum trade, we don’t want to keep a large stop loss. Our stop loss is $0.000011.

Note

ADABTC has a short trading history. Hence, we suggest trading it with only 50% of the normal allocation. We want to attempt this risky trade because if it moves according to our expectation, we can benefit from the momentum.

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.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.7 stars on average, based on 9 rated postsRakesh Upadhyay is a Technical Analyst and Portfolio Consultant for The Summit Group. He has more than a decade of experience as a private trader. His philosophy is to use technical analysis for momentum trading and fundamental analysis for long-term positions. Rakesh likes to keep himself fit by lifting weights and considers himself to be a spiritual person.




Feedback or Requests?

Recommendations

Trade Recommendation: Lisk

Published

on

Lisk/Bitcoin (LSK/BTC) has been brutally clobbered this year. The pair lost around 90% of its value from the high of 0.003398 on February 10, 2018. The good news is that bulls have had it. They are taking no more. Recent price action shows their conviction.

Technical analysis reveal that LSK/BTC has broken out of a long falling wedge pattern on the daily chart. The breakout looks convincing because of the reasons below.

First, the pair generated above average volume in the last four days. This is a good sign that bulls are buying the market. In fact, the last time LSK/BTC printed such heavy volume was back in April 2018.

On top of that, LSK/BTC has also broken out of a falling wedge on the daily RSI. The breakout looks legitimate as it was a sharp rally rather than a quick peek. In addition, we see a large bullish divergence on the MACD as well as a bullish cross.  All these signals indicate that LSK/BTC has returned from the dead.

The strategy is to buy the retest of the breakout as close to 0.00048 as possible. If bulls defend this level, it is very likely that there will be a quick rally to our initial target of 0.0007. We’ll revisit the trade once the target is hit.

The process may take less than a month.

Daily Chart of Lisk/Bitcoin on Poloniex

As of this writing, the Lisk/Bitcoin pair is trading at 0.00052094 on Poloniex.

Summary of Strategy

Buy: Buy as close to 0.00048 as possible.

Target: 0.0007

Stop: 0.00046

 

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.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

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.




Feedback or Requests?

Continue Reading

Recommendations

Trade Recommendation: Bread

Published

on

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.

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.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

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.




Feedback or Requests?

Continue Reading

Recommendations

Trade Recommendation: Monero

Published

on

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.

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.
2 votes, average: 3.00 out of 52 votes, average: 3.00 out of 52 votes, average: 3.00 out of 52 votes, average: 3.00 out of 52 votes, average: 3.00 out of 5 (2 votes, average: 3.00 out of 5)
You need to be a registered member to rate this.
Loading...

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.




Feedback or Requests?

Continue Reading

5 of 15 Seats Available

Learn more here.

Recent Comments

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending