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Trade Recommendation: ADABTC

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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.

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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.




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Trade Recommendation: Bitcoin Gold

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The Bitcoin Gold/Bitcoin pair (BTG/BTC) took out resistance of 0.0045 on November 4, 2018. The breach triggered the breakout from the inverse head and shoulders pattern on the 4-hour chart. Also, the breakout looked valid as Bitcoin Gold had a volume buzz that’s over 410% of its daily average.

The bullish price action attracted traders and investors that were observing the pair on the sidelines. This generated a strong rally to as high as 0.005479 on November 7. At that price, Bitcoin Gold showed signs of weakness. The 4H candle created a long wick on top of its body suggesting the presence of sellers. In addition, a bearish divergence was spotted on the 4H RSI.

These indicators sparked more profit-taking. To make matters worse, the November 14 crypto carnage increased the selling pressure further. As a result, Bitcoin Gold breached support of 0.0045 and dropped to as low as 0.004281 on November 14. However, even in the midst of bearish rampage, Bitcoin Gold continued to show immense strength.

Technical analysis shows that BTG/BTC has managed to reclaim support of 0.0045. With this price movement, the dump below that level appears to be a bear trap. This ignited a rally to 0.005099 today, November 19. It retraced a bit since, but this presents an opportunity.

If Bitcoin Gold wants to keep its bullish trend, it needs to preserve support 0.0045. This would confirm the bear trap and will likely propel the market to the top end of the range.

The strategy is to buy the dip as close to 0.0045 as possible. If bulls defend the support, then we can expect BTG/BTC to rally to our target of 0.0055. The process may take a month.

4-Hour Chart of Bitcoin Gold/Bitcoin on Binance

As of this writing, the Bitcoin Gold/Bitcoin pair is trading at 0.005054 on Binance.

Summary of Strategy

Buy: As close to 0.0045 as possible.

Target: 0.0055

Stop: 0.0043

 

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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3.7 stars on average, based on 271 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: Haven Protocol

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We’ve been following Haven Protocol (XHV/BTC) from some time now, after we saw its bullish potential. It skyrocketed from 0.0001371 on October 12 to as high as 0.00056 on November 12, 2018. In as little as one month, Haven Protocol grew by over 308%.

Though we were tempted to recommend long positions during this meteoric rise, we knew better than to chase an incredibly bullish altcoin. We’d rather wait for a price level that offers a very good risk to reward ratio. Good thing we did because XHV/BTC breached support of 0.000417 on November 15. This triggered the head and shoulders reversal pattern on the 4-hour chart.

With this price action, Haven Protocol is officially in a downtrend. However, there’s a good trade opportunity that’s presenting itself.

Technical analysis shows that XHV/BTC is fighting hard to protect support of 0.00034. Bulls must defend this level at all costs to keep the market from becoming extremely bearish. If Haven Protocol breaks this level, it might trigger a waterfall event that can send the market to the ultimate target of the head and shoulders pattern of 0.000295.  

We believe that bulls have a great chance of holding this support for several reasons. First, volume is starting to pick up. If bulls want to keep market control, buyers must show up. Otherwise, many participants might get jittery and close their positions and thus increase selling pressure. So, watch out for volume.

Next, the 4H RSI appears to be respecting support of 35. The market has never given up this support ever since climbing above it on October 15. Therefore, we can expect bulls to gather significant momentum at this level.

The strategy is to buy as close to 0.00034 as possible. As long as the market is above this level, it has the momentum to rally to our target of 0.000417. Take that out and the next target is 0.000489.

The process may take more than a month.

4-hour Chart of Haven Protocol/Bitcoin on Bittrex

As of this writing, the Haven Protocol/Bitcoin pair is trading at 0.0003835 on Bittrex.

Summary of Strategy

Buy: As close to 0.00034 as possible.

Target: 0.000417 first and then 0.000489.

Stop: 0.000323

 

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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3.7 stars on average, based on 271 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: Steem

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An extended bear market may be upon us as altcoins either create new yearly lows or revisit historical support areas. While the prolonged downtrend can be difficult to trade, it doesn’t necessarily mean that there are no profitable trade opportunities. In fact, we’re seeing a promising setup now in Steem/Bitcoin (STEEM/BTC).

Steem broke support of 0.00012 on November 9, 2018. Bulls tried to reclaim the support on the next day but to no avail. Their inability to take back 0.00012 effectively flipped the support into resistance. When participants saw this, they raced to cut their losses. This triggered a waterfall event that saw this coin breach 0.00011 support like a hot knife slicing through butter.

The good news is that this panic selling has created conditions that are ideal for a range trade.

Technical analysis shows that STEEM/BTC is managing to stay above historical support of 0.0001. Now, we are seeing many altcoins hold on to their historical support. What makes Steem unique is the huge volume it generated on November 16. On that day, the market had a volume buzz that’s over 100% of its daily average. With such huge volume, this crypto rallied to as high as 0.0001176 on the same day.

The rally is a dead-cat bounce or the B-leg of an ABC corrective wave. The C-leg should drive the pair down to 0.0001 support at which point Steem will likely range trade between 0.0001 and 0.00012.

The strategy is to buy the dip as close to 0.0001 support as possible. If STEEM/BTC holds on to the support, the market will trade sideways for some time before it can make another big move. Nevertheless, the sideways trading should give us the chance to buy low at the support and sell high at 0.00012.

The process may take more than a month.

4-Hour Chart of Steem/Bitcoin on Binance

As of this writing, the Steem/Bitcoin pair is trading at 0.0001089 on Binance.

Summary of Strategy

Buy: As close to 0.0001 as possible.

Target: 0.00012

Stop: 0.000096

 

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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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.
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3.7 stars on average, based on 271 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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