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.

// -- Discuss and ask questions in our community on Workplace.

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.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

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 8 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: Bitcoin Gold

Published

on

The Bitcoin Gold/Bitcoin (BTG/BTC) market lost its bullish momentum on November 21, 2017 when it generated a lower high of 0.065. As market participants noticed that the pair has ran out of steam, a selling frenzy was triggered. On December 5, the pair broke below support of 0.025.

// -- Discuss and ask questions in our community on Workplace.

The BTG/BTC pair nosedived as selling pressure increased. However, the market needed only three days after going below 0.025 to bottom out at 0.011551 on December 8. Having lost over 82% of its value in about two weeks, the market quickly rallied. Bottom pickers pushed the price to as high as 0.029 on December 20. The rapid increase inspired a round of profit taking, which forced the market down to support of 0.0115.

Technical analysis show that the Bitcoin Gold/Bitcoin pair is consolidating while trading between the range of 0.0115 – 0.025. During this period, participants accumulated positions at an optimal price point, which is usually at the bottom of the downtrend. The ones who buy the bottom are likely the same people selling the top. As the range has been determined, you can join these participants to generate profitable trades.

The strategy is to buy as close to 0.0115 as possible and sell as close to 0.025 resistance. This process may take less than a month. You can deploy the same play again and again until the market takes out 0.025 resistance.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Daily Chart of Bitcoin Gold/Bitcoin on Binance

As of this writing, the Bitcoin Gold/Bitcoin pair is trading at 0.01183 on Binance.

 

 

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...

4.2 stars on average, based on 59 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: EURAUD

Published

on

The bias has turned to the downside for the short term with the price trading below the Daily Pivot Range (blue dots), as well as the 3 Day Rolling Pivot Range (RPR, green dots). These levels provide the near term key resistance range.

// -- Discuss and ask questions in our community on Workplace.

With the Daily Pivot Moving Averages (red,yellow, white lines) turning downward this is further confirmation of the bearish bias. We need to see further confirmation with the price trading below the current swing low of 1.56518.

The action to take is to place a sell stop entry order to enter the market short as the price breaks below the recent low. Place the stop loss just above the swing high level at the Daily Pivot Range low.

Note: If triggered, look for the trade to play out over a period of 24-36 hours and if no significant move after 3 hours, exit the trade.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Entry Price: 1.5651
Stop Loss: 1.5697
Profit Targets: Grab some quick profits at the First profit target 1.5610. Second profit target is 1.5556. Once first profit target is reached, bring stop loss to breakeven, then trail a stop loss on remaining position 15-20 pips behind to safeguard profits or until second profit target is hit.

 

Disclaimer: Disclaimer: The writer has no positions in the forex markets but does engage in short-term trading of forex and futures.

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)
You need to be a registered member to rate this.
Loading...

3.9 stars on average, based on 18 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.




Feedback or Requests?

Continue Reading

Recommendations

Trade Recommendation: PotCoin

Published

on

The PotCoin/Bitcoin (POT/BTC) market exhausted its bullishness on July 25, 2017 when it created a lower high of 0.000037. The market unravelled on July 27 when it broke support of 0.0000385. Since then, it created a series of lower highs and lower lows until it bottomed out at 0.00001027 on November 2.

// -- Discuss and ask questions in our community on Workplace.

The market rallied after finding its bottom, and went as high as 0.00003999 on December 1. At this point, however, the pair was in overbought territory, and that forced bottom pickers to dump their positions. Faced with heavy selling pressure, the market went as low as 0.00001594 on December 7. Sensing a lower high was in place, bulls rushed in, and bought positions which pushed the market up to 0.00003849 on December 31. Unfortunately for buyers at this level, bears defended the resistance level, and sent the market down to 0.000016 support.  

Technical analysis show that the PotCoin/Bitcoin pair is currently consolidating while locked in a wide range between 0.000016 and 0.0000385. As of this writing, the market is well on its way to 0.000016 support. We can use the existing range to generate profitable trades.

The strategy is to buy the support and sell the resistance. Buy as close to 0.000016 support as possible. Sell as close to 0.0000385 as possible. Once bulls successfully defend 0.000016, the market will most likely restart its climb to the resistance level of 0.0000385. The process may take about a month.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Daily Chart of PotCoin/Bitcoin on Poloniex

As of this writing, the PotCoin/Bitcoin pair is trading at 0.00001646 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.

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: 3.00 out of 51 vote, average: 3.00 out of 51 vote, average: 3.00 out of 51 vote, average: 3.00 out of 51 vote, average: 3.00 out of 5 (1 votes, average: 3.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.2 stars on average, based on 59 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

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