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Analysis

Watch These Cryptocurrencies Today

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I share the sentiment expressed by another writer in these pages. This is looking like it will be an exciting week for MANY cryptocurrencies. In fact, the dilemma for me seems to be trying to decide which currencies are going to offer the greatest returns. It feels kind of like being a kid in a candy shop.

In summary, I like bitcoin with a target of $1440, Ethereum with a target of $64, Ripple with a target of .081. There are too many to focus on in a single column.

My last 2 columns focused largely on Zcash, which went from $55 to $80 over the weekend. It has since pulled back, offering buyers another chance to buy in at lower prices. Target for ZECUSD is an even $100.

Ethereum Classic (ETC)

Today I am going to look at Ethereum Classic. I am sure that there are few crypto traders who are unaware of the DAO hack and controversy of last summer that led to the fork creating Ethereum. Some traders may only be vaguely aware that the original blockchain and currency continues under the banner of ETC. It will likely greatly surprise readers to know that the original currency has almost doubled, under the radar, in the last month.

As you can see, the coin’s price has been showing a fair amount of respect for the setup shown above for some time. It should therefore come as an item of interest that price has just closed above the 1st arc of the 3rd arc pair. It wasn’t a “convincing” close. In other words, it is close enough to the arc to be called “at resistance”.

So, this is not yet a buy signal. However, I note that there is an energy point coming in the near future (vertical line). That energy point is about 24 hours from now.

I have a suspicion that when/if the arc pair has been cleared a rally to $3.50+ is likely. Longer term the target is quite a bit higher, in the $6 range.

Wait for confirmation, but keep an eye on this coin.

Ripple

Ripple is sitting just below shorter-term resistance at the first arc of a setup from the low last week. I will likely be a buyer when/if price closes above that arc.  First target will be in .053 range.

Remember: The author is a trader who is subject to all manner of error in judgement. Do your own research, and be prepared to take full responsibility for your own trades.

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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5 stars on average, based on 2 rated postsJim has an MBA from the University of Southern California. He has had a long career in both Corporate Finance and IT. Along the way he discovered that trading was a vehicle with great promise, but struggled for a long time without a mentor. After having been knocked down many times and having struggled to get back up, he had an epiphany and realized that geometry was a solution. He shares his experience here. If you do well as a result of suggestions made here, feel free to say thank you :) BTC: 1FUq3GB1Q8zz2JpuBr7YHzVBKnaWoxgmya Follow him on Twitter (@jimfred1276) or email him at jimfred1276 at gmail.




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19 Comments

19 Comments

  1. And

    April 10, 2017 at 10:26 am

    Jim, thank you very much!!

    • Jim Fredrickson

      April 12, 2017 at 2:06 am

      You are very welcome.

  2. mouse

    April 10, 2017 at 10:56 am

    hello jim,

    i really like your analysis and i read it now for quite a while .
    it is really helpful!!!
    i want to ask your help and your insight for litecoin since i am holding
    a great number of them and i do not know what to do .
    i need your advice since my weekend wasn t very good in trading …
    i tried to play long but all i got was loses….i tried shorting and again loses
    your help means a great deal to me

    thanks

    • jedadoo

      April 11, 2017 at 2:41 pm

      Mouse, their recommendation was to sell at 8.85 . I sold there and so did they. It was my second trade with hacked.com so I was quite disappointed, but understand that it just the way it is.

      • Jim Fredrickson

        April 12, 2017 at 2:17 am

        Not sure i remember giving advice to sell anything at 8.85 ?? … Maybe I’m just having a senior moment…
        In any case, trading is like playing poker. No one sits at the table expecting to win every hand. One just hopes to win more than they lose.
        Always protect your capital and take losses while they are still small. If you have no idea what the market is going to do, exit, even at a loss, and wait until you think you know before re-entering.
        I have taken small losses on my last few trades, because sideways movements developed. I don’t like it, but I understand that is the way the game is played. I know that the next trend will come. If I catch it, those small losses will be insignificant.
        If you are leveraged and making a ton of cash because you are in a good trade, lighten your position as the market blesses you. Otherwise, when the reversal occurs you will lose everything you made during the run. It happens all the time.

    • Jim Fredrickson

      April 12, 2017 at 2:09 am

      Litecoin is trading sideways for now. A number of other coins are as well. I hate trading sideways markets. If you are unleveraged, imho, just sit tight. If you a re leveraged and stressed out all the time, lighten your position and wait for a trend to develop before re-entering. just my opinion.

  3. cryptohub

    April 10, 2017 at 12:08 pm

    As regards LTC, RIPPLES, ETC, and ZEC, could to use ZECBTC,LTCBTC, and RIPPLEBTC in your Analysis, for the sake of users that doesn’t trade USDT?

    • Jim Fredrickson

      April 12, 2017 at 2:18 am

      I will, the next time I see a promising setup there.

  4. Chanh2308

    April 10, 2017 at 1:10 pm

    Hello Jim,
    I’m newbie of hacked.com, and I don’t understand about color arcs in charts. Can you help me to solve this problem to invest cryptocurrencies.
    Thank you so much for your support!

    • jedadoo

      April 10, 2017 at 4:26 pm

      I could use more info on these too and how they indicate trends.

      • jedadoo

        April 10, 2017 at 4:26 pm

        And what software you’re using.

    • Jim Fredrickson

      April 12, 2017 at 2:20 am

      It’s far too involved to explain here. Just know that virtually every line and arc on those setups are resistance and support. 1st, 3rd and 5th arc pairs are the strongest. Tops of squares are also strong, and end-of-squares are often places where reversals happen.

  5. And

    April 10, 2017 at 6:21 pm

    Jim, thanks again for today’s article – when you say, “when/if price closes above that arc”, do you mean “close” on 4-hr chart?

    • Jim Fredrickson

      April 12, 2017 at 2:22 am

      My charts are usually 3 hour charts. But yes, that is what I mean. We get tricked often when price gets over S/R, enticing us to enter a position early, but then the chart reverses before the close, back to the other side of S/R. Happens alot. Best to wait for a close on the sunny side of S/R; but we tend to be greedy and impatient.

  6. anandam1984

    April 11, 2017 at 4:55 am

    Hey Jim, I am new to hack. I have large number of Ethereum. should I hold or sell?

    • Jim Fredrickson

      April 12, 2017 at 2:23 am

      Depends if you are leveraged or not. If not, I would not sell at these levels. If you are, you might want to exit and wait for a trend to develop before re-entering. just my opinion.

  7. nguyentuan

    April 11, 2017 at 1:30 pm

    Thank so much Jim

    • Jim Fredrickson

      April 12, 2017 at 2:24 am

      You are very welcome.

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Analysis

Crypto Update: Market Still in Deadlock

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The choppy, directionless period in the cryptocurrency segment continues, with no meaningful change in the technical setups of the major coins. While the broader trends are still clearly bearish and sellers remain in control of the market, we saw another minor bullish shift in the past 24 hours, with modest gains across the board.

Most of the top coins are trading in the range of the Monday session, which saw the spike triggered by the turmoil in Tether. Stellar is the apparent positive outlier of the past few days, while Dash, Litecoin, and Ethereum have been the weakest so far this week.

DASH/USD, 4-Hour Chart Analysis

On a positive note, all of the majors remain above last week’s levels, and especially Bitcoin’s continued stability is encouraging for crypto-bulls here, even as our trend model paints a negative picture of the segment.


BTC/USD, 4-Hour Chart Analysis

Bitcoin avoided a test of the $6275 level despite moving below its recent very narrow trading range yesterday, with still no meaningful bearish or bullish momentum present in the coin’s market. BTC continues to trade below the $6500 level, and its volatility is very low, even after the move below the previously dominant broad triangle consolidation pattern.

Further resistance levels are still ahead near $6750 and $7000, while support levels below $6275 are found near $600, $5850 and between $5000 and $5100.

Altcoins Little Changed as Ethereum Still Glued to $200

XRP/USD, 4-Hour Chart Analysis

The weekend has been very quiet for altcoins so far, with even the recently active Ripple settling down near the $0.46 level. XRP is around the midpoint of Monday’ s range but the lack of follow-through after the breakout from the triangle consolidation pattern is a negative sign, and the coin remains on a short-term sell signal in our trend model. Strong resistance is still ahead at $0.51, $0.54, $0.57, while support is found near $0.42, $0.375, and $0.35.

ETH/USD, 4-Hour Chart Analysis

Ethereum continues to hover around the $200 price level still being in bearish short- and long-term patterns and the relative weakness of the second largest coin remains a huge concern for the whole segment.

With no evidence of meaningful capital inflows to the market, the outlook is neutral at best, and traders and investors should wait for at least a short-term trend change before entering new positions. Strong support is found near $180, $170, and $160, while resistance is ahead near $235 and $260.

EOS/USD, 4-Hour Chart Analysis

EOS is also among the relatively weaker coins, and the coin is stuick in a broad Trading range around the $5.35 level since August. Volatility in the coin’s market has been progressively declining, but the vicinity of the bear market low suggests that the long-term downtrend is still intact, especially given the segment-wide trends.

A test of the lows is still more likely than a bullish break-out, with strong support found near $4.50 and key resistance ahead near $6 and $6.5.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

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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4.6 stars on average, based on 380 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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Altcoins

Cardano Price Analysis: ADA/USDT is Eyeing a Big Move Out of Current Technical Setup

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  • Positive update from IOHK audit of Icarus by Kudelski Security.
  • ADA/USDT is moving within a pennant pattern formation, subject to breakout.

Solid Icarus Audit reported by IOHK

IOHK recently announced in their forum that an audit was conducted by Kudelski Security, which is an independent and third-party security audit firm. The audit conducted demonstrated that the Icarus project implementation for Cardano looks all good and set to go, without any major problems. However, a few changes may need to be executed. IOHK developed the Icarus code as a reference implementation, for Cardano light portfolio.

The important of “independent audits, like this one was stressed by IOHK. Stating “they are critical for identifying security issues in the Icarus wallet, that may not have been identified by internal audits”.

Furthermore, IOHK has elucidated Icarus as an open source code base serving as a reference for the creation of safer and easier mobile wallets for Cardano. They said, “this guarantees our customers and clients the safest portfolio we can offer.”  Given the benefit of an external audit, the developers can resolve any problems identified during its product launch audit.

Positive Updates from Cardano Founder

Cardano’s founder, Charles Hoskinson, was recently commenting on Cardano’s future. He said “We have so many amazing things coming out.”

Mr Hoskinson further added that one of their scientists has flown in from Switzerland. They will be doing a video, which will be the first time they have ever talked about their sharding design that we have for Cardano. Further commenting on other updates, including videos about Shelley and the Rust project.

Technical Review – Daily Chart

ADA/USDT daily chart

ADA/USDT is moving within a triangular pattern or a pennant formation, as seen via the daily time frame. It is narrowing, moving closer to a breakout. Ranging ahead of another drop to the deep south. Although, fundamental developments coming out from the Cardano foundation, remain very much upbeat currently.

Over the past 8 days, the price has been grinding higher, after receiving support at the lower trend line of the above-mentioned pattern. In terms of resistance to the upside, this can be seen at 0.08310000. The upper tracking trend line. Further north, a supply zone is running from 0.09000000-0.09500000. ADA/USDT  last traded here on 23rd September. Finally, support is tracking at 0.071800000, lower part of the pennant, also within a demand area. Another strong buying territory is observed from 0.06500000-0.06000000.

Disclaimer: The author 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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4.5 stars on average, based on 33 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Analysis

Crypto Update: Top 10 Worst Performers Make Bottom Picking List

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Yesterday, October 18, 2018, Cryptoglobe published, a list of the 10 worst performing cryptocurrency investments of 2018. These altcoins suffered heavy losses of between 97% – 99%. With tremendous devaluation, it may lead you to think that altcoins or cryptos are dead. After all, other assets such as stocks or commodities may likely never come back to life after losing all but one percent of their value.

But this is crypto where coins nosedive one day and skyrocket the next. Cryptoglobe can show you a picture of tragedy, but us; we see opportunity. In this two-part article, we reveal how the top 10 worst performing cryptocurrency investments can make a good bottom picking list.

Zclassic (ZCL/BTC)

% Down from All-time High:

99%

Current Status:

Zclassic/Bitcoin (ZCL/BTC) is currently finding footing at its historic support level of 0.0005. In the last four weeks, the pair has been range trading between 0.0005 and 0.000074.

Bottom Picking Candidate?

An altcoin that’s down 99% is a great bottom picking candidate. Aside from the possibility of a technical bounce, you can expect whales and expert bottom fishers to accumulate positions at this level. So, you can either trade the range or accumulate with the best of them.

Weekly chart of ZCL/BTC

Game Credits (GAME/BTC)

% Down from All-time High:

98%

Current Status:

GAME/BTC is attempting to carve a bottom at the parabolic support of 0.000025. Over the last four weeks, the pair has been trading between 0.000025 and 0.0000346.

Bottom Picking Candidate?

Yes, GAME/BTC has the potential to generate a strong rally in the coming weeks. Volume spikes on September 23 and October 4 hint that someone is accumulating at these levels. More importantly, the market is flashing oversold readings on the weekly RSI. GAME/BTC has the essential ingredients of a powerful bounce.

Weekly chart of GAME/BTC

Bitcoin Diamond (BCD/BTC)

% Down from All-time High:

97%

Current Status:

BCD/BTC is currently trading inside a huge falling wedge on the daily chart. It is still bearish as it continues to generate lower highs and lower lows.

Bottom Picking Candidate?

No, BCD/BTC is not a great bottom picking candidate. However, the pair looks ripe for a breakout. The usual catalysts are present: flashing extreme oversold readings, nearing the apex of the wedge, and trading at all-time lows. Look for volume spikes as a sign of a breakout.

Daily chart of BCD/BTC

Ethos (BQX/BTC)

% Down from All-time High:

97%

Current Status:

BQX/BTC has been carving a bottom at 0.000045 for over a month now. Those who were able to buy at this level are lucky because BQX/BTC is looking ripe for a rally.

Bottom Picking Candidate?

Yes, if you can still manage to get as close to 0.000045 as possible. The volume surges in the last few days suggest that the pair is in the final stages of base building. On October 14, BQX/BTC printed volume that’s over 250% of its daily average.

Daily chart of BQX/BTC

SALT (SALT/BTC)

% Down from All-time High:

97%

Current Status:

SALT/BTC may already be in an uptrend but it seems that only a few people are looking. The 4-hour chart shows that the pair is currently generating a bullish higher low after pulling back from its first higher high in months. SALT/BTC looks bullish in our book.

Bottom Picking Candidate?

Yes, this pullback gives you an opportunity to buy the higher low. We expect SALT/BTC to trade near the support of the ascending channel as it consolidates.

4H chart of SALT/BTC

Bottom Line

In trading and investing, the worst performing cryptocurrency investments and other assets often provide the maximum financial opportunity. We’re seeing that in the first half of the list. We have a feeling that we’ll see more or less the same in the second half of the list. Stay tuned.

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 252 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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