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Trade Recommendation: BTSBTC

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We are always on the lookout to buy cryptocurrencies that are likely to change their trend from down to up. We look for basing formations and a subsequent breakout to enter the trade. The longer the basing pattern, the stronger is the resulting breakout.

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Key points

  1. BTSBTC has broken out of a basing pattern and should move higher
  2. Buy BTSBTC

One such cryptocurrency that looks to have bottomed out and is on its way up is BTSBTC. Let’s look at the critical levels and the reasons why we like it.

Weekly chart

The chart of BTSBTC shows two peaks, one in August 2014 and another in June 2017. Both these peaks formed above $0.000174 levels. Both the rally and the subsequent fall were vertical. While the June peak hit a high of $0.00017642, the subsequent decline plunged the cryptocurrency to a low of $0.00000695 on November 03. That is a fall of 96%. However, we believe that the fall has ended and BTSBTC is likely to start a new uptrend. Let’s look at its entry and exit levels.

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Daily chart

The digital currency remained in a range between $0.00000736 and $0.00001189 for more than a month. While the first attempt to breakout could not sustain above the upper end of the range in mid-November, the virtual currency again broke out of the range on November 20. Thereafter, it completed a retest of the breakout levels on December 03.

The bulls have pushed the digital currency higher following the successful retest. We also like the bullish crossover of the moving averages. As a result of these developments, we believe that a quick rally to $0.000022 is likely, where it may face some resistance. However, if the bulls manage to breakout of this level, a rally to $0.000030 is also possible.

Therefore, we recommend initiating a long position at the current levels of $0.000016 and on dips to $0.000014 levels. The stop loss for the trade can be kept at $0.000011.

Traders can book 50% profits at $0.000022 and trail the remaining position for the higher target of $0.00003.

Featured image courtesy of Shutterstock. 

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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10 Comments

10 Comments

  1. KLIUTSEV

    December 4, 2017 at 9:35 pm

    its joke!!!!!!! vol trade in bittrex 63 btc.

    • v1rtu0so

      December 4, 2017 at 11:03 pm

      Look at poloniex. Where this chart and data is pulled from – currently @ 633 BTC volume in the last 24 hours.

  2. nathan

    December 6, 2017 at 4:50 am

    I’m losing really big on this one…

    • Rakesh Upadhyay

      December 6, 2017 at 5:20 am

      Hello Nathan,

      BTSBTC is still above our stops. Hold on. What level did you buy it that you are incurring a big loss on it?

      With warm regards
      Rakesh Upadhyay

      • nathan

        December 6, 2017 at 5:24 am

        0.00001516

        I’ll hold for now.

        • Rakesh Upadhyay

          December 6, 2017 at 5:26 am

          Yes, please hold for now.

  3. bukuk

    December 6, 2017 at 8:34 am

    Yeah, me too, i bought it at 0,00001530. I kept thinking perhaps because the rise of btc made normal for alt suffers the impact, but that simple thought didnt go along with xlm/btc, its price keep higher and higher..

  4. Rakesh Upadhyay

    December 6, 2017 at 8:57 am

    Hello bukuk,

    There will always be trades that go up and down. I understand that your trade is under a loss of about 11%, but, it is currently trading above the said stop loss.

    Also, if a trade makes you uncomfortable, it is best to reduce position size by 50%. Take a loss on the 50% position and hold the rest at the said stop loss. This is just a suggestion. You will be able to judge better because only you know how much you have risked on this one trade.

    With warm regards
    Rakesh Upadhyay

    • bukuk

      December 6, 2017 at 11:24 am

      wow thanks it’s really a good idea since i am new in crypto trading. and now bts just went higher and higher.. should i take profit now or just hold untiul 0,000022 target?

      • Rakesh Upadhyay

        December 6, 2017 at 11:45 am

        You say you have purchased at $0.0000153. The price is now $0.00001576. You hardly are earning anything in your trade. You will have to devise a strategy on how to trade, your time frame, your risk taking capability etc. All your trades will never be winners. So, you must be ready to accept a loss and move ahead. So, read the articles on hacked and devise a strategy for yourself.

        In your condition, I will book 50% profits around $0.000017 and trail the stops higher on the rest.

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Cryptocurrencies

Trade Recommendation: Ethereum

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The market is overbought and we have to expect for a correction. The price can bounce from the resistance zone formed by the downtrend line and 700.00 resistance level and continue downward movement. But we also know that sometimes crypto markets move out of logic. We must be ready to catch a new strong upward movement to new highs. Is it possible? I think yes and Bitcoin confirms it. We can use a breakout above the resistance zone for opening long trades. Entry level is 708.00 with stop orders at 670.00 level. Profit targets should be 750.00 and 800.00 levels. This is high risk trade and the best entry levels are much lower. Don’t invest too much in this market now. It’s better to wait for a good correction and buy based on solid reversal signals. If you don’t use leverage, trading volume for this trade is up to 5% from your deposit.

Market: ETHUSDT
Buy: 708.00
Stop: 670.00
Profit Targets: 750.00 and 800.00

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The trading signal is based on Poloniex chart.
Disclaimer: The analyst are some invested in Ethereum.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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Recommendations

Trade Recommendation: OMNI/BTC Range Trade

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There are many cases when the market goes bearish after generating an all-time high. That’s the case for OMNI/BTC. It posted an all-time high of 0.04824320 on the Poloniex exchange on May 31, 2017. In doing so, it created a massive wick above its body, indicating the presence of sellers at that level. The market tried to sustain its ascent, but it turned bearish after failing to hold support at 0.02 on July 9, 2017. OMNI/BTC is still in a downtrend but there’s an opportunity to make a quick buck.

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Technical analysis reveal that the market is currently holding long-term support at 0.0025. Every time the pair hits that support level, it bounces and takes out resistance at 0.010. It also breached resistance at 0.015 on three separate occasions. In addition, RSI is also respecting long-term support level. On top of that, the market is already up 12.23% as of this writing. Indicators are flashing a legitimate bounce.

The strategy is to trade the range. Buy zone is between 0.0025 and 0.005. The target range is from 0.010 to the top end of 0.015. Sell midpoint if selling pressure is high; otherwise, ride until 0.015.

Take note: the market is still in a downtrend, but you can make money by buying low and selling high during the consolidation period.

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Weekly OMNI/BTC Chart on Poloniex

As of this writing, OMNI/BTC is trading at 0.00354581 on Poloniex.

Summary of Strategy

Buy: 0.0025 and 0.005

Targets: 0.010 and 0.015

Stop: move below 0.0025

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 money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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Cryptocurrencies

Trade Recommendation: NEM

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The trading idea is based on a trend reversal signal. The price is at SMA100 which is strong resistance line. If the market can break this zone and move above the local swing highs, we’ll get the trend reversal signal. DMI and MACD support upward movement. We have good buy opportunity for long run. Buy orders should be placed at 0.00004100 level with stop orders at 0.00001900 level. Profit targets are 0.00009000 and 0.00012000 resistance levels. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

Market: XEMBTC
Buy: 0.00004100
Stop: 0.00001900
Profit Targets: 0.00009000 and 0.00012000

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

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

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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