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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: aelf

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The aelf/Bitcoin (ELF/BTC) pair took out resistance of 0.000058 on September 1, 2018. The breach enabled the pair to breakout from the large falling wedge pattern on daily chart. Unfortunately for breakout buyers, ELF/BTC immediately retraced. It even went as low as 0.00004593 on September 12.

Because of this price action, many would doubt the validity of the breakout. Some may even say that it was a bull trap. Be that as it may, what’s important is that ELF/BTC is showing signs of stability. This is the reason why we’re talking about this trade today.

Technical analysis shows that ELF/BTC appears to be creating a durable bottom at 0.00005 support. Bears tried their hardest to breach the support but they were exhausted. This enabled bulls to wrangle momentum away from them. You can see that the momentum is shifting as the RSI prints a bullish divergence.

An important thing to note is that the market dropped to 0.00005 support on August 14. So if ELF/BTC respects this area one more time, it can mean that a double bottom structure is in play.

The strategy is to buy as close to 0.00005 as possible. If bulls defend the support, they will attract the momentum needed to rally to our target of 0.000093.

The process may take a month.

Daily Chart of aelf/Bitcoin on Binance

As of this writing, the aelf/Bitcoin pair is trading at 0.0000512 on Binance.

Summary of Strategy

Buy: As close to 0.00005 support as possible.

Target: 0.000093

Stop: 0.000048

 

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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3.6 stars on average, based on 235 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: Cardano

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The Cardano/Bitcoin (ADA/BTC) pair started to show signs of weakness just as it registered its 2018 high of 0.00008788 on January 4. Unfortunately for buyers at the top, the market would go on a long bear run for the next nine months. ADA/BTC went so deep in bear territory that it lost almost 90% of its value.

As disheartening as it may sound, recent price action gives us something to look forward to.

Technical analysis show that Cardano/Bitcoin has taken out resistance of 0.000011 yesterday, September 19. The breach triggered the breakout from the large falling wedge on the daily chart. This pattern was responsible for keeping the market bearish for most of the year.

The breakout looks convincing, too. The market printed volume that’s almost twice its daily average. The last time ADA/BTC generated the same volume buzz was back in April 2018.

Currently, ADA/BTC is pulling back due to overbought conditions on the hourly chart. Thus, it is very likely for the market to temporary go below the breakout. This can be your opportunity to buy cheap.

The strategy is to buy as close to 0.0000108 as possible. If bulls can stay above this level, they will attract more bottom fishers and bargain hunters. This will likely generate a rally to our target of 0.000025.

The process may take a month.

Daily Chart of Cardano/Bitcoin on Binance

As of this writing, the Cardano/Bitcoin pair is trading at 0.00001128 on Binance.

Summary of Strategy

Buy: As close to 0.0000108 as possible.

Target: 0.000025

Stop: 0.0000105

 

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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3.6 stars on average, based on 235 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: Reddcoin

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The Reddcoin/Bitcoin (RDD/BTC) pair is giving crypto enthusiasts something to be excited about. The pair took out resistance of 0.0000004 on August 27, 2018. The breach triggered the breakout from a falling wedge pattern.

Breaking out from a falling wedge is something that you can observe in many altcoins. However, many of these altcoins significantly retraced. Some even went below the breakout. This is where RDD/BTC is unique. Its recent price action supports our view that the worst of the bear market is over.

Technical analysis shows that RDD/BTC is creating a large pennant on the daily chart. This structure is a bullish continuation pattern. It means that the pair is currently consolidating but it confirms the trend reversal. This period is actually crucial as it enables RDD/BTC to build a strong base that will help keep its uptrend sustainable.

The strategy is to buy the breakout at 0.00000058 after the pair prints volume of at least 300 million Reddcoin units. Volume has been thin recently, which is a characteristic of a consolidation pattern. A spike in volume indicates the end of consolidation and the resumption of the uptrend.

After the breakout, the initial target is 0.0000008. The process may take less than a month.

Weekly Chart of Reddcoin/Bitcoin on Bittrex

As of this writing, the Reddcoin/Bitcoin pair is trading at 0.00000053 on Bittrex.

Summary of Strategy

Buy: Breakout at 0.00000058 after volume of at least 300 million Reddcoin units.

Target: 0.0000008

Stop: 0.00000055 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.

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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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3.6 stars on average, based on 235 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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