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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.

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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.

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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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Trade Recommendation: Bela

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Bela’s bullish run came to a screeching halt less than a week after the Bela/Bitcoin pair generated an all-time high of 0.00018 on April 8. The market registered a lower high of 0.00016405 on April 14. Since then, Bela tumbled as it struggled to defend key levels such as 0.00007 and 0.00004.

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The market finally established support at 0.000009 on December 7. From Bela’s all-time high, the market lost 95% of its value in about eight months. While that’s an astronomical loss in value, it gives new investors an opportunity to buy the bottom, which limits risks and offers significant rewards.

Technical analysis reveal that 0.000009 is the bottom, as the market was able to generate a true bounce at this level. The pair went from 0.000009 to 0.00003975 in about a month – a 341.67% increase in value. With such a rapid climb, it’s only healthy for the market to retreat. This is a good opportunity for you to enter, and buy cheap.

The strategy is to buy as close to 0.000025 support as possible. The pullback is only temporary. Once the selling is over, the market will attempt to breach resistance at 0.00004. Take out that level and we have a target of 0.00007.   

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Daily Chart of Bela/Bitcoin on Poloniex

As of this writing, the Bela/Bitcoin pair is trading at 0.00002716 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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Trade Recommendation: Stellar

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The price is at 0.50 support level. The reversal candlestick pattern gives a signal that the price can bounce from this support. RSI drops to the oversold zone and it can support the possible price reversal. The double bottom chart pattern also tells us about a trend reversal. MACD and DMI confirm further downward movement. Presently, we have weak signals for opening long positions. If you can take high risk, the current price is very good for buying. Entry level is 0.52 with stop orders at 0.40 level. Profit targets are 0.70 and 0.90 resistance levels. If you would like to get more solid signals confirming the price reversal and further upward movement, it’s better to wait for a breakout above the downtrend line and as additional signal, a breakout above the high of the double bottom pattern. Don’t forget that the markets are not stable now and they can drop lower. Stellar can reach the next support at 0.30 level. That’s why using stop-loss orders and proper risk management is strong recommended.

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Market: STRUSDT
Buy: 0.52
Stop: 0.40
Profit Targets: 0.70 and 0.90

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

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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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Trade Recommendation: Ethereum Classic

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The daily chart gives us a bullish signal. If we look at the 4H chart, we can see a fail attempt to break SMA100 and the strong resistance level. The market formed a new swing high which can be used for placing pending orders for buy. If the price can move above this level, we’ll get a trend reversal signal and a new buy opportunity. Long trades will be opened in the same direction as the main movement on the higher time frame. Entry level is 0.035300 with stop orders at 0.029500 level. Profit targets are 0.042000 for short term and 0.050000 for long term trades. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

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Market: ETCETH
Buy: 0.035300
Stop: 0.029500
Profit Targets: 0.042000 and 0.050000

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

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //
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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