Connect with us

Recommendations

Trade Recommendation – Waves/BTC

Published

on

When a downtrend ends, it either results in a consolidation or a start of a new uptrend. If we can spot a trend that is about to change from down to up, it offers us an opportunity to buy at the beginning of a new trend. Such positions can be held until the trend lasts. One such cryptocurrency pair that looks to have bottomed out and is on its way to starting a new uptrend is Waves/BTC. Let’s see its chart patterns and understand why we like it.

Key observations

  1. The downtrend in Waves/BTC has ended.
  2. It should soon start a new uptrend.
  3. Buy at $0.00083 with a stop-loss of $0.0006

Weekly chart

Waves/BTC embarked on a stellar rally in March of this year that took it from a low of $0.00014 in end-February to a high of $0.002642 in end-May, which is a 1787% rally. Thereafter, the cryptocurrency entered a prolonged decline, where every pullback faced selling at the downtrend line. Last week, the digital currency broke out of the downtrend line, which suggests that the downtrend is over. However, currently, it is facing resistance at $0.00078649. Once above this level, we expect it to start a new uptrend. Let’s see the critical levels to watch out for.

Daily chart

Waves/BTC has been range bound for about a month. It is attempting to form a double bottom around the $0.0004 mark. It broke out of the overhead resistance on December 12, but could not sustain the breakout. It subsequently fell back into the range once again. We believe that if it can breakout above $0.00079 levels, it will start a new uptrend and move towards its target objective of $0.00121 and higher. Therefore, we recommend long positions on a breakout above $0.00083 with a stop-loss of $0.0006. Traders can book partial profits at $0.00121 and trail the stops higher on the remaining positions for higher target objectives of $0.00134 and $0.00169.

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.

Rate this post:

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.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

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.




Feedback or Requests?

3 Comments

3 Comments

  1. scottolson

    December 15, 2017 at 11:41 am

    Do fix the misleading $ sybmol beside the prices, you have to replace it with Bitcoin symbol. It’s still going down, cuz of bitcoin rising..

    • Moonshots

      December 15, 2017 at 5:40 pm

      You mean btc instead of dolllar

      • Rakesh Upadhyay

        December 15, 2017 at 6:02 pm

        Hello,

        Yes, it is btc instead of dollar. The mistake is regretted.

        With warm regards
        Rakesh Upadhyay

You must be logged in to post a comment Login

Leave a Reply

Recommendations

Trade Recommendation: EOS

Published

on

Just like most cryptocurrencies, EOS (EOS/USD) has had a rough 24 hours. Yesterday, November 14, 2018, the market opened at $5.2947. Before the day closed, this coin dropped to as low as $4.4610. In short, the market dropped by as much as 15.75% in one day.

Many would have been stopped out by this move. After all, the sudden decline looked convincing. Yesterday, EOS printed volume that’s over 490% of its daily average. This was the highest volume buzz of EOS since September 6. With this big drop, however, volatility has returned and with it comes opportunities for quick profits.

Technical analysis shows that EOS/USD is ripe for a bounce. Even with this retracement, this crypto still managed to stay within the three-month range of $4.50 to $6.30. Take note, the market quickly rallied and closed November 14 at $4.7656 after plummeting to as low as $4.4610. This created a wick below the daily candle’s body, which suggests that the smart money is buying.

More importantly, the preservation of the $4.50 support has bullish implications. If bulls hold it, EOS will create a double bottom structure. The double bottom also appears on the 4-hour RSI. On top of that, the 4H RSI is in extreme oversold territory. With these signals, it appears that this cryptocurrency is ready for a solid bounce.

The strategy is to buy the retest of support as close as $4.50 as possible. Bears will try to breach this range so stay alert and don’t hesitate to hit the stop loss when it’s hit. However, if bulls hold on, we will likely see the coin climb to our targets of $5.50 and then $6.30.

The process may take more than a month.

Daily Chart of EOS/US Dollar on Bitfinex


As of this writing, the EOS/US Dollar pair is trading at $4.5572 on Bitfinex.

Summary of Strategy

Buy: As close to $4.50 as possible.

Target: $5.50 first and then $6.30.

Stop: $4.30

 

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.

Rate this post:

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.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

3.7 stars on average, based on 269 rated postsKiril is a CFA Charterholder and financial professional with 5+ 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.




Feedback or Requests?

Continue Reading

Recommendations

Trade Recommendation: CloakCoin

Published

on

The CloakCoin/Bitcoin pair (CLOAK/BTC) took out resistance of 0.0005 on October 24, 2018. This triggered the breakout from the rounding bottom pattern on the 4-hour chart. The breakout looked valid as well. On that day, CloakCoin generated volume that’s over 540% of its daily average.

The heavy volume breakout attracted traders who were on the sidelines. This sparked a rally to as high as 0.0005678 on the same day. At that point, however, the market began to show signs of weakness. First, it was trading at oversold territory on the 4H chart. In addition, CloakCoin generated a bearish divergence. These were all indications that CloakCoin was ripe for profit-taking.

With bottom-pickers and breakout traders locking in gains, the market pulled back. Nevertheless, this is an opportunity for us to buy the dip.

Technical analysis shows that CLOAK/BTC is looking to retest support of 0.0004. It appears that the market needs more time to build a base before it finally eliminates resistance of 0.0005. It is very likely that the market holds on to support of 0.0004 for these reasons.

First, the 4H RSI has been impressively generating a series of higher lows. The market will remain bullish as long as this trend continues.

In addition, volume has exponentially declined since the rally. This tells us that sellers are exhausted. They have little interest and energy to sell at the firm support area.

The strategy is to buy the dip as close to 0.0004 as possible. As long as bulls hold, they will likely build the momentum necessary to annihilate 0.0005 and rally to our targets of 0.0006 and then 0.00075.

The process may take a month.

Daily Chart of CloakCoin/Bitcoin on Binance


As of this writing, the CloakCoin/Bitcoin pair is trading at 0.0004115 on Binance.

Summary of Strategy

Buy: As close to 0.0004 as possible.

Target: 0.0006 and then 0.00075.

Stop: 0.0003885

 

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.

Rate this post:

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.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

3.7 stars on average, based on 269 rated postsKiril is a CFA Charterholder and financial professional with 5+ 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.




Feedback or Requests?

Continue Reading

Recommendations

Trade Recommendation: Storj

Published

on

Storj/Bitcoin (STORJ/BTC) has been making some serious bullish moves. On September 19, 2018, the market broke out of a large descending channel on the daily chart with good volume. This sparked a rally to 4,695 satoshis on the same day.

As the rally faded, Storj pulled back to 3,791 satoshis and flipped the descending channel resistance into support on September 26. The successful retest launched a strong rally that triggered the break out from the inverse head and shoulders pattern on the daily chart. At this point, we can say that Storj has reversed its trend. Now, we look to buy the breakout.

Technical analysis shows that STORJ/BTC is retesting support of 4,750 satoshis. So far, bulls are defending the support and we believe that they will continue to do so.

First, RSI support of 45 RSI appears to be holding up. With this development, the RSI has managed to create a second higher low in two months.

Also, many bottom pickers and breakout traders have taken profits during the rally to 6,662 satoshis on October 31. This heavy volume rally eliminated a lot of sellers. You can see this in the declining volume after the October 31 spurt. With the market’s bullish sentiment, the limited supply might inspire another rally.

The strategy is to buy the retest of support as close as 4,750 satoshis as possible. As long as bulls keep this support, they are likely to launch a rally to our target of 7,000 satoshis.

The process may take more than a month.

Daily Chart of Storj/Bitcoin on Binance

As of this writing, the Storj/Bitcoin pair is trading at 4,845 satoshis on Binance.

Summary of Strategy

Buy: As close to 4,750 satoshis as possible.

Target: 7,000 satoshis.

Stop: 4,578 satoshis.

 

NOTE: a satoshi is the smallest unit of Bitcoin, which equals to 0.00000001 BTC.

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.

Rate this post:

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.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

3.7 stars on average, based on 269 rated postsKiril is a CFA Charterholder and financial professional with 5+ 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.




Feedback or Requests?

Continue Reading

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending