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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 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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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: USDCHF

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This is a short term trade. The price is at the possible reversal zone formed by the support level and SMA100. RSI confirmed price reversal in the oversold zone. MACD supports further upward movement. ADX line of DMI falls and it allows us opening long trades. It’s a new trading opportunity. Buy orders can be placed at 0.99200 with stop at 0.98950 level. Profit targets are 0.99500 and 0.99800 resistance levels. The 4H chart confirms the uptrend but the daily chart looks bearish. If the market can break 0.99000 support level, it will be a signal of downward movement. That’s why it’s strongly recommended to use stop orders with long trades opened based on this trading signal. Don’t risk more than 3% from your deposit in this trade.

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Market: USDCHF
Buy: 0.99200
Stop: 0.98950
Profit Targets: 0.99500 and 0.99800

Disclaimer: The analyst does not have investments in USDCHF.

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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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Trade Recommendation: Stellar

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The price bounces from the support zone formed by the uptrend line, SMA100 and the support level. RSI confirms price reversal. MACD histogram supports upward movement and DMI allows opening long trades. It’s trading opportunity. Buy orders can be placed at 0.00000870 level with stop orders at 0.00000720 level. Profit targets are 0.00001200 and 0.00002000 levels. The daily chart does not give us strong bullish signals, that’s why this buy signal is more risky than it could be. You should invest small part of your deposit in this market or skip this trading opportunity. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

Market: STRBTC
Buy: 0.00000870
Stop: 0.00000720
Profit Targets: 0.00001200 and 0.00002000

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

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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Trade Recommendation: USDJPY

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This is a short term trade for the market which can be pushed down after a good upward movement. The price bounced from 113.60 level and RSI confirmed price reversal. MACD lines support downward movement. DMI is bullish but ADX line falls and it tells us that the bulls are not so strong. The higher time frame also gives bearish signals. We have trading opportunity now. Pending orders for sell can be placed at 113.42 level with stop orders at 113.62 level. Profit targets are 113.20 and 113.00 levels. Don’t risk more than 3% from your deposit in this trade.

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Market: USDJPY
Sell: 113.42
Stop: 113.62
Profit Targets: 113.20 and 113.00

Disclaimer: The analyst does not have investments in USDJPY.

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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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