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Trade Recommendation: MonaCoin

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Buying on dips in a confirmed uptrend is one of the best ways to earn profits on the long side. The next best way, though risky, is to try and enter a position when there are signs of a change in trend and accumulation by the strong hands. A change in a trend from down to up is signaled when the bottom pickers buy in huge quantities intermittently. We find a similar setup in MONABTC. Let’s see the levels at which we can initiate the trade.

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Key points

  1. MonaCoin has been showing signs of intermittent buying, which denotes accumulation
  2. Higher highs and higher lows point to a likely start of a new uptrend in the cryptocurrency
  3. A risky trade, therefore, please allocate only 50% of your usual position size

Weekly chart

The long-term chart of MONABTC shows that the coin has not gone anywhere in the past three years. There have been short-term spurts, but these have not sustained. As a result, the cryptocurrency has spent most of the past two years near the lows. However, since April of this year, buyers have stepped in at regular intervals, propping the cryptocurrency higher. This shows buying interest returning into MonaCoin.

In early October, the buying pushed the digital currency to a three-year high, which shows strong demand at lower levels. Thereafter, after a brief pullback, MONABTC is ready to resume its uptrend. Hence, we want to hop on.

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Daily chart

In early-October, the digital currency was quoting at $0.0001 levels. Sustained buying pushed it to a high of $0.00115 within nine days. That’s a 1050% jump within a matter of 10 days. Thereafter, the subsequent pullback found support at the 78.6% Fibonacci retracement levels of the rally. Since then, the cryptocurrency has been trying to move up. In the past two days, it has taken support at the moving averages and is attempting to resume its uptrend.

Therefore, we recommend a long position at $0.00062 levels with a stop loss of $0.00046. Our target objective is a retest of the highs at $0.0011 levels.

We expect MONABTC to gain momentum once it breaks out and closes above $0.0008 levels.

Note:

If the leader Bitcoin crashes, it is likely to hurt sentiment in the whole cryptocurrency universe. Therefore, please reduce the position size for the next few days, until the picture gets clearer. Please use only 50% of your normal allocation for this trade.

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 8 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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2 Comments

2 Comments

  1. Korera

    December 6, 2017 at 1:00 pm

    risky but great recommendation. over 100% profit in 6 days and still going up but I’m not greedy. Thank you

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Trade Recommendation: STEEM

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The STEEM/Bitcoin market ignited its uptrend on January 2, 2018 when it took out resistance of 0.0003. The momentum of the breakout was so strong that it pushed the pair to as high as 0.00060359 on January 25. In a little over three weeks, the market increased by more than 100%. With so much growth in so little time, breakout buyers took profits.

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Faced with heavy selling pressure, STEEM/Bitcoin went as low as 0.00036992 on February 6. While it did bounce on February 14, it did not go above 0.0005. Since then, the market has been in decline as the daily trading range narrowed.

Technical analysis reveal that the market is creating a bullish continuation pattern in the weekly chart that’s close to breaking out. Volume has been below average since the market broke out of 0.0003 resistance. This suggests that those who bought the breakout are losing interest to sell. In addition, Bollinger bands in both the daily and weekly charts are starting to contract. This means that ask and bid prices are bound to meet soon, and when they do, the price will most likely explode up.

The strategy is to buy as close to 0.0004 support as possible. Once consolidation is over, the market will likely move to our target at major resistance of 0.0008. The process can take a month.

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Daily Chart of STEEM/Bitcoin on Poloniex

As of this writing, the STEEM/Bitcoin pair is trading at 0.00040474 on Poloniex.

 

 

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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4.3 stars on average, based on 55 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: Litecoin

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This trade recommendation is setting up quickly and requires prompt attention

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This is a short term trade but with good risk reward ratio. The bias remains to the upside for the short term with the price trading above the Daily Pivot Range (blue dots), therefore this level is key support.

The Daily Pivot Moving Averages are pointed upward and are bullish, while the 3 Day Rolling Pivot Range remains supportive (green, yellow dots).

The action to take is to place a buy order to enter the market long if the market trades at or above the green ‘A’ up line for at least 15 minutes. Check your short term and/or 5 minute chart to verify. Place the stop loss at the Opening Range low and the profit target stated below.

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Note: If triggered, look for the trade to play out over a period of 24-36 hours and if no significant move after 3 hours, exit the trade.

Entry Price: 233.10
Stop Loss: 225.57
Profit Targets: First profit target 267.00. Second profit target 308.00. Once price reaches the first profit target raise the stop loss to breakeven. Then if the market follows through to higher levels manage the trade by trailing a stop loss 20 points behind until second profit target is reached or stopped out.

Disclaimer: The writer owns 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.

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3.8 stars on average, based on 16 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.




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Trade Recommendation: Ethereum

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This trade recommendation is setting up quickly and requires prompt attention

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

This is a short term trade but with good risk reward ratio. The bias remains to the upside for the short term with the price trading above the Daily Pivot Range (blue dots), therefore this level is key support.

The Daily Pivot Moving Averages are flat to up and mildly bullish.

The Monthly Pivot Range low is at 1070.25 so expect significant resistance at this level.

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The action to take is to place a buy stop entry order to enter the market long if the market trades at or slightly above the green recent high line on a 60 minute chart. Place the stop loss at the Opening Range low and the profit target stated below.

Note: If triggered, look for the trade to play out over a period of 24-36 hours and if no significant move after 3 hours, exit the trade.

Entry Price: 948.00
Stop Loss: 922.00
Profit Targets: First profit target 1065.00. Second profit target 1244.00 is a long shot with the Monthly Pivot Range resistance at 1070.25 Once price reaches the first profit target raise the stop loss to breakeven. Then if the market follows through to higher levels manage the trade by trailing a stop loss 25 points behind until second profit target is reached or stopped out.

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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3.8 stars on average, based on 16 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.




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