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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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Altcoins

XRP Price Analysis: Explosive Breakout from Pennant Confirmed; SBI Holdings CEO Bullish on XRP

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  • XRP/USD is enjoying three consecutive sessions of gains, having jumped around 17%.
  • SBI Holdings CEO believes XRP market capitalization will be higher than bitcoin’s.

Ripple’s XRP price has been enjoying a decent move to the north over the past few sessions, as life flows back into the bulls. XRP/USD is currently running at a third consecutive session in the green, having gained around 17% within this period. The explosion of buying pressure came after the price managed to escape a bullish pennant pattern.

XRP/USD: Price Recap

XRP/USD had initially been cooling since the big bull run at the back end of 2018. The price rallied on 24th December up to a high of around $0.4670, before quickly losing upside momentum. It was then forced to trade within the confinements of a descending wedge pattern. XRP lost over 30% in value before it was able to break out from the wedge.

On 8th February a chunky push higher from the bulls was observed, resulting in a breach of the upper acting trend line. XRP/USD jumped around 10% on this day but then eased south to retest the trend line for a few sessions. During the cooling period, price action has formed a pennant structure which saw an eventual big breakout to the upside, as described earlier.

SBI Holdings CEO Bullish on XRP

The SBI Holdings CEO, Yoshitaka Kitao, was recently speaking on XRP and said this year is a significant one for the so-called banker’s cryptocurrency. He believes that the market capitalization of XRP is likely to dwarf bitcoin’s at some point in the future. Kitao has firm belief in the future sucess of XRP and can see it being adopted on a global scale. He was quoted saying:

“Because XRP is already beginning to become international, xRapid will be used for fund transfers in 2019. By increasing the so-called XRP’s plastic use, we anticipate that the XRP market capitalization will easily exceed the market capitalization of bitcoin.”

SBI has many joint ventures set up with Ripple across the blockchain industry; it’s therefore not too surprising to see such comments. The organization will also be launching its very own cryptocurrency exchange called VCTRADE, scheduled for March. Deposits and withdrawals for bitcoin, XRP, and Ethereum (ETH) are already available on the platform.

Technical Review – XRP/USD

XRP/USD daily chart.

Given current upside, eyes must now be on the next likely barriers of resistance for the bulls. A supply area noted from $0.3450 up to $0.3600 is the next target; XRP has not traded comfortably above this region since 10th January. A break above this zone should put the bulls in an excellent position to retest the $0.4000 area. On several occasions, this price territory has caused issues for the bulls in their attempts to push further north. In terms of support, this is seen back down at the psychological $0.3000 mark. If that fails to hold, then there is a demand which runs from $0.3000 down to $0.2500.

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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4.6 stars on average, based on 124 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

3 Things You Need to Know About the Market Today: New High in Gold, Dow 26,000?, Euro Weakness

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1, Gold Jumps to 9-Month High, $1360 in Sight

Gold Futures, 4-Hour Chart Analysis

We have been following the resurrection of gold in the past few months, and since fundamentals just got better for the precious metal, the current technical strength is great news for long-term investors. Today, gold quietly reached a new 9-month high, despite the still ongoing risk rally and the relative strength of the US Dollar.

The metal topped the $1330 level, and with the next major resistance level being found near $1360, a quick surge to the vicinity is in the cards in the coming days. We continue to advise holding gold for the long run, and for now, the short-term technicals also remain bullish. Should the risk rally finally roll over, the uptrend could even accelerate, with longer-term targets being found near $1400 and $1550.

2, US Stocks Drift Lower After Long Weekend as Trade Talks Resume

Dow 30 Futures, 4-Hour Chart Analysis

US stocks are having a quiet start for the day, with the major indices drifting slightly lower following the long weekend. The US economic calendar is empty today, and all eyes will be on the trade talks with China which are set to resume today in Washington in the wake of the unexpected extension of last week’s round of negotiations in Beijing.

The Dow, which approached the 26,000 level last week during the Friday surge to new 9-week highs, is lower today, in-line with the market-wide trends. The mega-cap index could get a lift in early trading thanks to the better-than-expected quarterly report by Walmart (WMT). The firm’s holiday-quarter sales topped estimates, despite the reports regarding the widening growth-gap between online and brick-and-mortar stores, and in light of the positive guidance by the company, the pre-market surge in the stock is no surprise.

With the week’s main economic releases coming in the second half of the period, today we could be in for another choppy session on Wall Street. That said, the momentum of the recovery-rally continues to be suspicious, and especially given the weakness in the Nasdaq, investors should pay close attention to the Volatility Index (VIX), market internals and other under-the-hood indicators for signs of negative divergences.

3, Euro Under Pressure Again, Despite Sentiment Beat

EUR/USD, 4-Hour Chart Analysis

While the Dollar’s break-out to new multi-year highs still didn’t happen last week, technicals continue to agree that the long-term uptrend in the reserve currency will continue. The Euro, on the other hand, is still showing signs of broad weaknes, drifing lower against the Dollar and the Pound today, despite the better-than-expected German Zew Economic Sentiment report.

The indicator is still deep in negative territory, and together with the recent weakness in the Eurozone PMIs and industrial production, recessionary fears seem to be legit in Europe.

We will have a new batch of PMIs coming out tomorrow, and together with the Fed minutes a huge day could be ahead for forex markets and especially for the EUR/USD pair. The 1.12 level could be tested in the case of another negative surprise in the PMIs, while the Fed minutes will be under scrutiny even more than usual following the sharp dovish shift by the Central Bank.

ChartBook

Major Stock Indices

S&P 500 Futures, 4-Hour Chart Analysis

Nasdaq 100 Futures, 4-Hour Chart Analysis

VIX (US Volatility Index), 4-Hour Chart Analysis

DAX 30 Index CFD, 4-Hour Chart Analysis

FTSE 100 Index CFD, 4-Hour Chart Analysis

EuroStoxx50 Index CFD, 4-Hour Chart Analysis

Nikkei 225 Futures, 4-Hour Chart Analysis

Shanghai Composite Index CFD, 4-Hour Chart Analysis

EEM (Emerging Markets ETF), 4-Hour Chart Analysis

Forex

USD/JPY, 4-Hour Chart Analysis

GBP/USD, 4-Hour Chart Analysis

EUR/GBP, 4-Hour Chart Analysis

AUD/USD, 4-Hour Chart Analysis

Commodities

WTI Crude Oil, 4-Hour Chart Analysis

Copper Futures, 4-Hour Chart Analysis

Featured image from 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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4.7 stars on average, based on 466 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

IOTA Price Analysis: Bulls on the Loose as IOTA Foundation Announces New Collaboration with Nova to Fund Start-ups

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  • The IOTA Foundation has entered into a partnership with Nova to provide funded support for start-ups.
  • IOT/USD is currently enjoying a decent push north, following a breakout of a bullish pennant pattern structure.

IOT/USD: Recent Price Behaviour

IOT/USD has been on a decent run of gains over the five sessions, having jumped around 18% at the time of writing. The price has been on a path to the north since 7th February, after hitting a low for 2019 around $0.2400. A chunky amount of buying pressure was observed down at these depressed levels.

The bulls enjoyed an initial jump between 7-8th February, gaining around 18% on the fast two-day rally. IOT/USD then consolidated trading within a range-bound nature to then have formed a bullish pennant pattern formation. On 17th February, an explosive amount of upside came into play following this technical breakout.

IOTA Announces New Collaboration with Nova

The IOTA Foundation has announced a new partnership with Nova, a start-up incubator, according to an official press release from the organization. As part of the collaboration, its goal is to begin funding start-ups employing the platform of IOTA. The program will be called IOTA Cofoundery on Nova’s website; it will be focusing on early stages of development and seed funding.

Start-ups will be able to leverage through the program a mentoring and tech start-up service to consist of over 20 consultants that specialize in technology. There will be much nurturing and guidance as part of this offering. To-date Nova has already co-founded over 80 technology start-ups, with over half of those still being active after three years. It is further noted within the official release that the three-year start-up survival rate is 10%.

Nova will invest in ideas that can prove user problem-fit. IOTA via their grant program will match the investment. It will provide a comforting amount of support and the foundations for viable businesses to develop within the ecosystem of IOTA.

The program will allow entrepreneurial tech start-ups to build new innovative business models by leveraging IOTA technology. Nova has noted that this new offering is now already open for applications and can apply directly on the Nova website.

Technical Review – IOT/USD

IOT/USD daily chart.

Given the noted move north from a bullish pennant pattern structure, the doors to further upside potential have opened. Near-term supply is observed heading into the $0.3400 territory, IOT/USD last traded here in January and dealt a rejection blow. Should the bulls manage to maintain current upside momentum and break above this zone, eyes will then be on the 2019 high area. At the start of the year, the price managed to hit $0.4088 on 2nd January.

In terms of support, this should be noted back down at the broken pennant pattern. A retest just on top could be seen which currently tracks at around $0.2750-40. Failure of this holding could then see the February gains wholly reversed.

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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4.6 stars on average, based on 124 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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