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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: GBP/NZD

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The British Pound/New Zealand Dollar pair (GBP/NZD) has been in a downtrend since May 2009 when it broke below support of 2.60. This triggered the double top reversal pattern on the monthly chart. The breakout from the bearish pattern inspired a selling frenzy. The pair then generated a series of lower highs and lower lows until it showed some signs of stability at 1.62266 in October 2016. In over seven years, the British Pound lost more than 60% of its value against the New Zealand Dollar.

At this price level, GBP/NZD flashed reversal signals. First, the monthly candle was a hammer. This suggested the presence of buyers below 1.70. Second, the pair was in extreme oversold conditions on the weekly chart. Lastly, there was an exponential increase in volume when the pair dropped to this level.

With the pair showing bullish signs, more and more bottom pickers entered the buying scene. GBP/NZD rallied to as high as 1.89631 in May 2017. While bears managed to resist the advance, bulls eventually claimed the territory.

Technical analysis reveal that the British Pound/New Zealand Dollar pair has taken out resistance of 1.90. This triggered the cup and handle reversal structure on the weekly chart. The breakout was affirmed by a strong rally to 1.98396 in December 2017. The market has been consolidating since. This is your chance to buy the breakout.

The strategy is to buy as close to 1.90 as possible. As long as bulls stay above this support, they have all the momentum they need to rally to our target of 2.10.

The process may take more than three months.

Weekly Chart of British Pound/New Zealand Dollar on OANDA

As of this writing, the British Pound/New Zealand Dollar pair (GBP/NZD) is trading at 1.91059 on OANDA.

Summary of Strategy

Buy: As close to 1.90 as possible.

Target: 2.10

Stop: Close below 1.89.

 

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 179 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: district0x

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Our April 14, 2018 trade recommendation for the district0x/Bitcoin (DNT/BTC) pair hit the target on April 22 when it went as high as 0.00002304. Those who followed the trade recommendation grew their investments by at least 50% in about a week.

The trade recommendation also emphasized to sell immediately once the target is hit. It was evident that the pair was not yet ready to launch another bull run. As predicted, DNT/BTC broke below 0.00001 support on May 21. This triggered a waterfall event that saw the pair drop to as low as 0.0000058 on June 13. The good news is the pair appears to be ready for a bounce.

Technical analysis reveal that district0x/Bitcoin may be bottoming out at 0.000006 support. This view comes after the pair broke below this level on June 13 but bulls swooped in to take back the support. Also, a long hidden bullish divergence can be seen on the daily chart. This indicates underlying strength. Lastly, the pair is still near oversold conditions.

The strategy is to buy as close to 0.000006 support as possible. If bulls can carve a bottom here, they will attract the momentum they need to move to our target of 0.00001.

The process may take less than a month.

Daily Chart of district0x/Bitcoin on Binance

As of this writing, the district0x/Bitcoin pair is trading at 0.00000635 on Binance.

Summary of Strategy

Buy: As close to 0.000006 as possible.

Target: 0.00001

Stop: 0.0000058

 

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 179 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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Litecoin is looking good with near term and mid term Pivot Ranges below our current price level at the opening of the new session. We call this the Pivot Stack, when Pivots are grouped together, this is a sign of consolidation in price as an important level of support & resistance. Notice also the previous Pivots grouped together in the previous session. The price moved through all of these levels with significant strength or like a “hot knife through butter”. When this happens it is a sign the market has real strength behind it and could have a lot more left in the move.

The Daily Pivot Moving Averages are also turning bullishly upward.

The action to take is to buy if the price trades at or above the ‘A’ up line for at least 15 consecutive minutes. Place the stop loss below the Pivot Stack and the swing low, and the profit targets as stated.

If the trade signal is not triggered by end of the session, cancel the orders.

Entry Price: 99.69
Stop Loss: 92.80
Profit Targets: First profit target 108.20 . Second profit target 112.30. Once price reaches first profit target bring stop loss to breakeven (entry point).

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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3.9 stars on average, based on 74 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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