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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.

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.

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 (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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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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Trade Recommendation: SGD/CHF

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The Singapore Dollar/Swiss Franc (SGD/CHF) pair started its downtrend in July 2013 when it broke below key support of 0.73. The breach of support inspired a selling frenzy that saw the pair drop to 0.62986 in January 2015. In a year and a half, the Singaporean Dollar lost 14% of its value against the Swiss Franc.

At this level, the pair was flashing reversal signals. First, the monthly candle had a long wick below its body indicating the presence of buyers below 0.68. Also, the pair was in oversold territory on the monthly stochastics.

With a bottom in place, SGD/CHF began to rally. It went as high as 0.73474 in July 2016. While bears defended the resistance, bulls responded by creating a higher low setup at 0.68609 in November 2016. The pair has been showing bullish signals since.

Technical analysis reveal that SGD/CHF has taken out resistance of 0.73. This triggered the ascending triangle pattern on the weekly chart. The breakout was affirmed by a rally to 0.75206 in May 2018. The pair has been pulling back since but this is your chance to buy the breakout.

The strategy is to buy as close to 0.73 support as possible. A successful defense of the support confirms the breakout and takes the pair to our target of 0.79.

The process may take more than six months.

Weekly Chart of Singapore Dollar/Swiss Franc on OANDA

As of this writing, the Singapore Dollar/Swiss Franc pair (SGD/CHF) is trading at 0.73075 on OANDA.

Summary of Strategy

Buy: Buy as close to 0.73 as possible.

Target: 0.79

Stop: Move below 0.72.

 

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 180 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.




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Trade Recommendation: Waves

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The Waves/Bitcoin pair (WAVES/BTC) has been range trading between 0.00051 – 0.0008 for the better part of this year. The pair had an opportunity to break out of the range on May 8 as it appeared to be carving a higher low at 0.0007 support. However, it broke the support on May 21. This triggered a selling frenzy that saw the pair drop to as low as 0.000487 on June 14.

While WAVES/BTC dropped, this presented us with the possibility to bottom pick the market.

Technical analysis reveal that Waves/Bitcoin is poised for a strong rally. This view comes after the pair respected support of 0.00051. Even though WAVES/BTC went below the support on June 14, bulls rushed in to defend it. On top of that, a bullish divergence can be spotted on the daily stochastics. This suggests a possible bottom and trend reversal.

In addition, the 4-day, 8-day, and 21-day moving averages are attaching to the daily candle’s body and reversing direction. This tells us that the expected move up is likely sustainable.

The strategy is to buy as close to 0.00051 support as possible. If bulls continue to preserve the support, they will attract the momentum they need to move to our target of 0.0007. Sell immediately because it is very likely that the pair will encounter stiff resistance at this level.

The process may take a month.

Daily Chart of WAVES/BTC on Binance

As of this writing, the WAVES/Bitcoin pair is trading at 0.0005223 on Binance.

Summary of Strategy

Buy: As close to 0.00051 as possible.

Target: 0.0007

Stop: 0.00049

 

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 180 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.




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Trade Recommendation: Short NZD/JPY

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The New Zealand Dollar/Japanese Yen pair (NZD/JPY) started its downtrend in June 2015 when it broke below support of 83.60. This activated the head and shoulders reversal pattern on the weekly chart. The breakout started a waterfall event that saw the pair plummet to as low as 69.211 in June 2016. In one year, the New Zealand Dollar lost over 17% of its value against the Japanese Yen.

With a bottom in place, NZD/JPY began to rally. It went as high as 83.806 in January 2017. Bears, however, defended the resistance and sent the market down to 75.80 support in April 2017. Bulls managed to defend the support and this inspired another rally to resistance of 83.80 in July 2017. Unfortunately for buyers at this level, bears are still in control of the market.

Technical analysis reveal that the New Zealand Dollar/Japanese Yen is taking out support of 75.80. This would trigger the large double top continuation pattern on the weekly chart. The bearish view is supported by four consecutive lower highs on the weekly chart. While 75.80 still holds, the pressure from the lower highs will most likely breach the support.

The strategy is to short the market once the pair takes out support of 75.80. A breakout would likely inspire a selling frenzy that would take the market to our target of 68.

The process may take more than three months.

Weekly Chart of New Zealand Dollar/Japanese Yen on OANDA

As of this writing, the New Zealand Dollar/Japanese Yen pair (NZD/JPY) is trading at 75.703 on OANDA.

Summary of Strategy

Buy: Short as close to 75.80 as possible.

Target: 68

Stop: Move above 77.

 

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 180 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.




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