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. 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 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: Ethereum

Published

on

For every market route there is a silver lining. Without a market shakeout there can be no new bull market. Hence, we may be yet again at a new bottom and ready for a move up for Ethereum. The ETHUSDT coin price has developed a minor uptrend just above the Monthly Pivot level.

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

Currently the Daily Pivot Range is holding the price intact with support at these levels. At the time of writing the price is sitting at exactly the 3 Day Rolling Pivot level (yellow dots).

When we have a number of Pivots and Pivot Ranges in close proximity like this, I call it a Pivot Stack. This is where we see the vertical stacking of the Pivots which forms a very strong price level from which we can discern a high probability setup. This is a somewhat dispersed Pivot Stack, but nonetheless is a good area of support.

We want to “lean against” the support or resistance in these setups. In this case we will want to lean against the support and look to take a long position. But we want to have confirmation by awaiting the price to go above the Monthly Pivot Range high, which is key resistance.

// -- Become a yearly Platinum Member and save 69 USD. Click here to change your current membership -- //

So the action to take is to place a buy order slightly above the Monthly Pivot Range high.

Place your stop loss and profit targets stated below.

Entry Price: 627.00
Stop Loss: 568.00
Profit Targets: First profit target 687.00. Second profit target 710.00. Once price hits first profit target raise the stop loss to breakeven.

Disclaimer: The writer owns Ripple, Litecoin, 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 stars on average, based on 57 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: Bitcoin Cash

Published

on

A bottom may be in for the BCHBTC coin price. Currently the Daily Pivot Range (blue dots) is holding the price intact at these levels in a somewhat sideways channel. There is a minor uptrend that has developed along the Monthly Pivot level. Along with these Pivots we have the 3 Day Rolling Pivot Range holding support there as well.

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

When we have a number of Pivots and Pivot Ranges in close proximity like this, I call it a Pivot Stack. This is where we see the vertical stacking of the Pivots which forms a very strong price level from which we can discern a high probability setup.

We want to “lean against” the support or resistance in these setups. In this case we will want to lean against the support and look to take a long (buy) position. But we want to have confirmation by awaiting the price to go above the Monthly Pivot Range high, which is key resistance, at .140700.

Sometime there is a chance the price penetrates this key level and retraces back into the “channel”. These trades are about probabilities, so we will place our stop loss at a sensible level and live with the risk as long as the risk reward ratio is favorable to us or at a minimum 1:1.

// -- Become a yearly Platinum Member and save 69 USD. Click here to change your current membership -- //

Place your stop loss and profit targets stated below.

Entry Price: .140700
Stop Loss: .133900
Profit Targets: First profit target .149000. Second profit target .152500. Once price hits first profit target raise the stop loss to breakeven.

Disclaimer: The writer owns Ripple, Litecoin, 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 stars on average, based on 57 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: Florincoin

Published

on

The Florincoin/Bitcoin pair (FLO/BTC) launched its bull run on April 6, 2017 when it took out resistance of 0.00001. This triggered the large cup and handle pattern on the daily chart. The breakout attracted so much momentum that the market went as high as 0.00006541 on May 13. In less than a month, FLO/BTC grew by an astronomical 554%.

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

At this price level, the market showed bearish signals. First, the market was in extreme overbought territory. In addition, it struggled to close above the 61.8% Fibonacci level. Those who saw these signals knew it was time to lock their gains.

The heavy selling drove the pair down to 0.00002232 on May 28, 2017. After seeing that the market respected the 38.2% Fibonacci level, bottom pickers entered the buying picture and ignited a rally to 0.00005645 on June 16. Sensing that a lower high was in place, participants dumped their positions to preserve their capital. As a result, FLO/BTC generated a series of lower highs and lower lows until it bottomed out at 0.00000505 on December 8.

The pair has been showing bullish signals since. This could be your opportunity to buy the breakout.

// -- Become a yearly Platinum Member and save 69 USD. Click here to change your current membership -- //

Technical analysis reveals that Florincoin/Bitcoin is positioning to take out resistance of 0.0000157. This would trigger the ascending triangle pattern on the daily chart. To complete the breakout, FLO/BTC needs to print at least 1 million units of Florincoin. Those who bought the bottom and the higher lows are likely to take profits at the resistance. The market needs buyers to absorb the selling pressure.

The strategy is to buy the breakout of 0.0000157 after the market generates the required volume. The breakout may attract a lot of momentum that can push the pair to our target of 0.000024.

The process may take a month.

Daily Chart of Florincoin/Bitcoin on Poloniex

As of this writing, the Florincoin/Bitcoin pair is trading at 0.00001386 on Poloniex.

Summary of Strategy

Buy: Buy the breakout at 0.0000157 after volume of 1 million Florincoin units is met.

Target: 0.000024

Stop:  0.000014 after the 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...

3.7 stars on average, based on 169 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