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Trade Recommendation – Waves/BTC

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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.

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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

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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.

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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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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

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Trade Recommendation: EUR/SAR

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The Euro/Saudi Arabian Riyal (EUR/SAR) pair launched its bull run in January 2003 when it took out resistance of 4.00. The breakout triggered the rounding bottom reversal pattern on the monthly chart that helped propel the market to as high as 6.0155 in July 2008. In five years, the Euro rose by over 50% against the Saudi Arabian Riyal.

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With the pair overshooting the target of the rounding bottom pattern, trend followers and breakout traders began to take profits. EUR/SAR plunged to 4.6256 in October 2008 before bottom fishers emerged to buy the dip. The market did bounce but it could only reach 5.6801 on November 2009. The lower high was a clear sign that the uptrend was over.

Bulls fought hard to preserve 4.60 and keep the run alive but the support broke in December 2014. EUR/SAR then created consecutive lower highs and lower lows until it bottomed out at 3.8815 in January 2017. The pair has been rallying since, and it appears ready to ignite another bull run.

Technical analysis show that the Euro/Saudi Arabian Riyal pair is primed for a trend reversal as bulls make a push to claim 4.60. However, bears are doing their best to resist the advance. As the two side battle, the trading range narrows by the day. Eventually, the trading range may become so narrow that the market rallies. With a bullish sentiment, the rally might take the Euro above 4.60.

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The strategy is to buy the breakout at 4.60. If bulls complete the breakout, they will likely create a base and may move to our target of 5.20. The process may take more than six months.

Weekly Chart of EUR/SAR

As of this writing, the EUR/SAR pair is trading at 4.576.

Summary of Strategy

Buy: Breakout at 4.60.

Target: 5.20

Stop: 4.56 after the breakout.

 

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 149 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: Monero  

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XMRUSDT is poised for a longer term bull run and to sock some monero away. On the daily chart the price has surpassed and closed above the Monthly Pivot Range high. This is a significant event in that it confirms the last week’s move as something sustainable with the bias has shifted from the many weeks of bearishness, to one of bullishness.

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The 14 Day Pivot Moving Average (red line) has crossed the yellow 30 Day Pivot MA and is approaching the crossover of the white 50 Day Pivot MA. This is also a bullish sign that shows the legs underneath the move up. There are no other key Pivot levels that are in the way of a long term move higher.

The action to take is to place a buy order to enter the market long. The support level near term should be the Monthly Pivot high but look for longer term support all the way down to the Monthly Pivot low. This is a long term trade so be patient and keep your stop loss far enough away to avoid getting prematurely stopped out.

This is a good risk reward ratio within a high probability setup with a lot of support.

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Entry Price: 300.00
Stop Loss: 209.00
Profit Targets: First profit target 376. Second profit target 424. Once price reaches 340.00 raise the stop loss to breakeven, then as the market moves higher trail the stop loss 35.00 points back until you hit the profit targets or stopped out.

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 47 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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Trade Recommendation: Viacoin/Bitcoin

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The Viacoin/Bitcoin pair (VIA/BTC) launched its bull run on December 27, 2017 when it took out resistance of 0.00028. The breakout triggered the double bottom reversal pattern on the daily chart which catapulted the market to 0.00053504 on January 9, 2018. In about two weeks, the pair grew by over 91%.

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With the market overshooting the target of the pattern, breakout traders and trend followers started to lock in gains. The pair dropped to 0.00031313 on February 2 before bottom pickers entered the buying picture and lifted the market to as high as 0.000532 on February 5.

Unfortunately for buyers at this level, VIA/BTC snapped 0.00035 support on February 17 and triggered the double top reversal pattern on the daily chart. The pair turned bearish as it generated a series of lower highs and lower lows until it bottomed out at 0.00016161 on March 15. The market has been rallying since, and it looks ready to start another bull run.

Technical analysis show that Viacoin/Bitcoin is in a good position to take out 0.00028 resistance and trigger the inverse head and shoulders pattern on the daily chart. To complete the breakout, the pair must print 500,000 units of Viacoin in volume. Those who bought the higher low are likely to take profits at the resistance. VIA/BTC needs buyers to absorb the increased selling pressure.

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The strategy is to buy the breakout at 0.00028 after the required volume is met. If bulls take out the resistance, they will attract enough momentum to move to our target of 0.00039.

The process may take less than a month.

Daily Chart of VIA/BTC on Poloniex

As of this writing, the Viacoin/Bitcoin pair is trading at 0.00027459 on Poloniex.

Summary of Strategy

Buy: Breakout at 0.00028 as long as the market generated 500,000 units of Viacoin.

Target: 0.00039

Stop: 0.000255 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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3.6 stars on average, based on 149 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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