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Trade Recommendation: Wings DAO/Bitcoin

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We aim to buy cryptocurrencies that are bottoming out. They provide us a good entry opportunity and get us early in a trend. We look for reversal patterns at the lows to initiate our trade. One such setup that we like is the inverse head and shoulders (H&S) pattern. Wings/BTC has completed a break out of the neckline of the inverse H&S, hence, we believe that it is likely to move up. Let’s locate its important levels.

Important points

  1. We believe that Wings DAO/Bitcoin has bottomed out.
  2. The cryptocurrency pair has completed an inverse head and shoulders pattern.
  3. Buy Wings/BTC at 0.00011639, SL 0.00007, Target 0.000164 and 0.00019

Due to a short trading history, we shall not analyze its weekly chart.

Daily chart

Barring the freak trade on the listing day, Wings/BTC rose to a high of 0.00038794 on June 06. From there, the cryptocurrency pair entered into a downtrend, which bottomed out on December 11, at 0.00002851. That’s a fall of 92%.

It broke out of the downtrend line on December 24, which was the first indication that the trend is likely to change.

For the past few weeks, Wings/BTC pair has formed an inverse head and shoulders pattern. Today, it broke out of the neckline, which completes the bullish reversal. The pattern target of the reversal is 0.000164.

However, we believe that the up move can extend to 0.00019 levels, which is a significant resistance. Therefore, we can buy it at the current levels of 0.00011639 and keep a stop loss of 0.00007.

Traders can book 50% profits at the first target objective of 0.000164 and the rest at 0.00019. Always keep a trailing stop loss, once the trade moves in your favor.

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: Golem

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Golem (GNT/BTC) came off lows of 0.00001803 on November 20, 2018. At that price, the market was down by over 80% from the 2018 high of 0.0000909. This is an immense drop.

An in-depth look, however, shows that the fresh yearly low was the result of a shakeout. At the end of November 20, the market closed above 0.000019, which is the parabolic support. The swing to the low price level and quick recovery of the support ignited a rally to 0.00002771 on December 3. On that day, the market printed volume that’s over 300% of its daily average.

While the heavy volume buzz should have been enough for a range breakout, GNT/BTC pulled back. It appears that the accumulation stage is not yet over. Nevertheless, we’ll take this opportunity to accumulate as well.

Technical analysis shows that GNT/BTC is still trading within the accumulation range of 0.00002479 and 0.000018. It recently breached the range midpoint of 0.00002151 so we’re fairly certain that the market is en route to the yearly low of 0.000018. This is where we join smart money investors.

The strategy is to buy as close to 0.000018 as possible. If GNT/BTC respects this support, we can expect a quick move up to range midpoint and initial target of 0.00002151. Feel free to lock in gains here. You may want to leave a small portion of the amount for the possible move up to 0.00002479.

The process may take less than a month.

Daily Chart of Golem/Bitcoin on Poloniex

As of this writing, the Golem/Bitcoin pair is trading at 0.00001903 on Poloniex.

Summary of Strategy

Buy: As close to 0.000018 as possible.

Targets: 0.00002151 and 0.00002479.

Stop:0.0000174

 

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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3.8 stars on average, based on 286 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.




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Trade Recommendation: Litecoin

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To say that Litecoin (LTC/USD) is having a rough year is an understatement. It came off lows of $22.54 on December 7, 2018. At that price point, the market was down by over 92% from the 2018 peak of $306.85. It seems that the market may have completed its cycle.

A closer look at Litecoin shows that it is now trading at a parabolic support. This means that the market came back to where it was last year before it ignited the bull run that saw Litecoin ascend to as high as $370.78 in December 2017. It appears that the market has gone from markup to distribution, and to mark down in a span of a year and a half. If our read is correct, Litecoin should be back in the accumulation stage now.

If that’s the case, now is one of the best times to bottom pick the market.

Technical analysis shows that LTC/USD may have established a short-term bottom at $22.54. We have several reasons to support this view.  

First, the area of $22 is a strong weekly support level. Bears tried to breach it back in May 2017 but bulls rejected lower prices. The rejection led to the breach of resistance of $31.25 in June 2017. Litecoin never looked back until now.

Also, Litecoin printed a large bullish divergence on the 12-hour RSI. In addition, we can see that volume has come to life ever since the market touched these levels. These indications tell us that buyers are starting to scale in.

The strategy is to buy as close to $22.50 as possible. If the bulls hold this level, our targets are $26.86 and $31.25.

The process may take less than a month.

12-Hour Chart of Litecoin/US Dollar on Bitfinex


As of this writing, the Litecoin/US Dollar pair is trading at $24.01 on Bitfinex.

Summary of Strategy

Buy: As close to $22.50 as possible.

Targets: $26.86 and $31.25.

Stop:$21.50

 

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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3.8 stars on average, based on 286 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.




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Trade Recommendation: Dash

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Dash (DASH/USD) appears to be in a freefall. It dropped to as low as $57 on December 6, 2018. At that price, the market was down by over 95% from the 2018 high of $1,400. On the surface, this cryptocurrency looks like it is ready to die. A closer look, however, shows us that Dash is ready to be reborn.

Technical analysis shows that Dash may have bottomed out on December 6. We have several reasons to support this view.

First, we look at the volume of the weeks leading to the drop of $56.

On the week of November 19, Dash printed volume that’s over 174% of its weekly average. More importantly, the volume buzz was the largest that this coin printed since April 2017. Then a couple of weeks later, the market generated volume that’s over 188% of the weekly average. It was also greater than the volume buzz of the week of November 19. All in all, the combined volume of those two weeks screams capitulation.

On top of that, the move down to $56 completed the market cycle. Dash has given up all the gains it made last year. With a clean slate, the smart money can start accumulating at current levels. It looks like they’re already doing that. The sudden volume uptick on December 7 is a  clue that someone is buying in bulk.

The strategy is to buy as close to $56 as possible. It is very likely that the market will revisit that level again soon. If bulls stay above it, then we might see a quick rally to our target of $86.50.

The process may take a month.

Daily Chart of Dash/US Dollar on Kraken

As of this writing, the Dash/US Dollar pair is trading at $70.45 on Kraken.

Summary of Strategy

Buy: As close to $56 as possible.

Target: $86.50

Stop: $53.50

 

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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3.8 stars on average, based on 286 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.




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