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Trading Recommendation: Qtum/Bitcoin

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No rally can continue incessantly. There are periods of consolidation along the way, which offer a low-risk entry opportunity to the traders who missed buying at the start of the trend. Pennant is one such pattern, which is formed after a vertical rally. If the price breaks out of the Pennant, we can expect the uptrend to continue. Therefore, a pennant is called as a continuation pattern. We find the same pattern on the QTUM/BTC cryptocurrency pair. Let’s look at the critical levels on it.

Key points

  1. Pennant is a continuation pattern.
  2. The Qtum/Bitcoin pair has broken out of the pennant. It should now resume its uptrend.
  3. Buy at 0.0036, stop loss at 0.0028, and book profits between 0.0046 and 0.0056.

As the cryptocurrency pair has a short trading history, we shall not be analyzing its weekly chart.

Daily chart

The lifetime high of 0.09 on the cryptocurrency pair was created on the opening trading print on July 20. However, the level never sustained and the pair closed the day at 0.00276, giving up all its gains. From there, the cryptocurrency rallied to 0.00569206 on August 10. However, since then, the pair has been in a long-term downtrend, reaching a lifetime low of 0.00060127 on December 08.

However, the recovery from the lows has been strong and the cryptocurrency reached a high of 0.00398997 on December 19. That is a 563% rally within 11 days.

Thereafter, QTUM/BTC entered into a period of consolidation, forming a pennant. Today, it has broken out of the pennant formation and we expect it to resume its uptrend. Traders can buy the cryptocurrency pair at 0.0036000 and keep a stop loss of 0.0028. Though the target on the upside is 0.005995, we shall book profits in batches between the levels of 0.0046 and 0.0056.

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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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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