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Trade Recommendation: BitShares
Published 21 hours ago on June 9, 2018
By Kiril Nikolaev
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The BitShares/Bitcoin pair (BTS/BTC) started to show signs of bearishness on January 6, 2018 when it generated a lower high of 0.00005505. This was a clear signal that the pair’s impressive parabolic run between December 14, 2017 – January 2, 2018 was over. Savvy traders who saw the signal dumped their positions.
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As a result, BTS/BTC broke support of 0.00004 on January 15. This triggered the rounding top reversal pattern on the daily chart. The breakdown sparked a selling frenzy that drove the market to as low as 0.00001617 on March 18. In about three months, BTS/BTC lost 70% of its value.
At this price level, the market flashed signs of reversal. First, the pair respected RSI support of 30. On top of that, the 4-day, 9-day, and 21-day moving averages started to reverse their trend. These signs told participants that the market has bottomed out.
With a bottom in place, bottom fishers began to enter the buying scene. This ignited a strong rally to 0.00004438 on April 30. While the market has been pulling back since, this could be your chance to buy the possible higher low.
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Technical analysis show that Bitshares/Bitcoin pair is creating a symmetrical triangle pattern on the daily chart. It dropped to 0.00002479 on May 24 and that’s where bulls came to the rescue. Their presence inspired a bounce to 0.00003817 on June 3. While the pair is currently correcting, this can be an opportunity to buy the confirmation of the support.
The strategy is to buy the confirmation of support as close to 0.000027 as possible. If bulls can stay above this level, they may gather the momentum needed to climb to our target of 0.00004.
The process may take a month.
Daily Chart of BitShares/Bitcoin on Binance
As of this writing, the BitShares/Bitcoin pair is trading at 0.00002781 on Binance.
Summary of Strategy
Buy: As close to 0.000027 as possible.
Target: 0.00004
Stop: 0.000026
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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Kiril Nikolaev
3.7 stars on average, based on 177 rated posts
Kiril 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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Dow 30: The Travelers Companies Trade Recommendation
Published 12 hours ago on June 10, 2018
By Konstantin Dimov
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On April 18, 2018, a short recommendation on The Travelers Companies’ stock was issued. Having met and exceeded its downside target, as well as based on recent price action, the stock is now a technical buy.
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Technical Developments since April 18,2018
- Over the next few sessions, until April 23, TRV continued to oscillate within the narrowing trading range formed by the upward-sloping support (green trendline in Figure 1) and the downward-sloping resistance (red trendline).
- On April 24, the stock gapped down after a 1Q18 earnings miss (white arrow).
- After failing to move back above a horizontal support-turned-resistance formed by the Feb and April lows (orange horizontal trendline at $133), the stock slid to as low as $125.15 on May 3.
- The stock continued to find resistance at the downward-sloping trendline (red trendline) at each retest (last 3 red arrows). On Thursday (June 7 – second last candle), TRV managed to close above the trendline.
Figure 1. TRV Daily Chart
- On Friday (June 8), the stock broke above the neckline of an inverse H&S pattern (lows – white ellipses in Figure 2, neckline – white downward-sloping trendline).
Figure 2. TRV Daily Chart
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Implications
- The stock is expected to exhibit more bullish momentum after breaking above the red trendline. A move back above the $133 level (orange horizontal line in Figure 1) will strengthen the bullish thesis.
- The inverse H&S pattern has a minimum upside target of $139 (white vertical line in Figure 2).
Outlook
- Moderately bullish in the $125 (2018 low) – $133 range.
- Outright bullish above $133
- Potentially bearish if the low of the bottoming formation is broken to the downside (i.e. below $125).
Trade Recommendation
- Buy half a position at current levels ($131.32 at EOD on Friday, June 8). Other half upon a close above $133.
- Target: Half at $139 (upon a retest of the green trendline in Figure 1 from below & target from the inverse H&S). Half at $143 (yellow horizontal trendline in Figure 1).
- Stop: Half upon a close below $127.50 (below bright blue horizontal trendline in Figure 2). Half upon a close below $125.
Disclosure: No position, may initiate a long position next week.
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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Konstantin Dimov
4.6 stars on average, based on 14 rated posts
Published author of technical research. In his work on price “gaps”, published in the 2018 International Federation of Technical Analysts’ Annual Journal, he developed a new technical tool for analyzing and trading the “gap” phenomenon – the “K-Divergence” (http://ifta.org/public/files/journal/d_ifta_journal_18). Besides obtaining a Master in Financial Technical Analysis, he has completed a BBA and an MBA from the Schulich School of Business in Toronto and has completed all exams for the CFA, CMT and CFTe designations. Currently, providing research to investment management and financial advisory firms. http://www.linkedin.com/in/konstantindimov
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Trade Recommendation: Gold/CHF
Published 19 hours ago on June 9, 2018
By Kiril Nikolaev
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The Gold/Swiss Franc pair (XAU/CHF) began to show signs of weakness in February 2013 when it took out support of 1,500. The downtrend was affirmed in April 2013 when bulls tried to take back the 1,500 but the market confirmed the new resistance. This sparked a selling frenzy that generated 10 long red candles in 13 weeks.
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XAU/CHF only started to find resemblance of stability when it dropped to 1,060 support in December 2013. From there, the pair range traded between 1,060 – 1,200 to repair its technical damage. XAU/CHF was able to break out of the range in July 2016 when it went as high as 1,352.044. While bears managed to hold on to 1,300 resistance, bulls responded by creating a higher low at 1,161.664 in July 2017.
Bulls have been flexing their muscles since. This can be your chance to buy the next higher low.
Technical analysis show that the Gold/Swiss Franc pair is creating symmetrical triangle pattern on the weekly chart. This comes after XAU/CHF generated a lower high of 1,326.608 in May 2018. However, the pair has been pulling back since. Even the 4-day, 9-day, and 21-day moving averages are heading south. This affirms our view that the pair may be in its last leg down.
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The strategy is to buy the dip as close to 1,250 as possible. If bulls stay above this level, they will gather the momentum required to break out of the pattern and climb to our target of 1,600.
The process may take more than six months.
Weekly Chart of Gold/Swiss Franc on OANDA
As of this writing, the Gold/Swiss Franc pair (XAU/CHF) is trading at 1,279.863 on OANDA.
Summary of Strategy
Buy: As close to 1,250 as possible.
Target: 1,600
Stop: 1,230
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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Kiril Nikolaev
3.7 stars on average, based on 177 rated posts
Kiril 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: QTUM
Published 1 day ago on June 9, 2018
By Christopher Burton
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I would be remiss if I left QTUM out of the analysis during these tepid times. What is telling about this price action is the Daily Pivot Moving Averages. Notice the flat (red line) 14 Day Pivot MA and the steep decline of the (yellow line) 30 Day Pivot MA. These two Moving Averages are on a likely path to crossover which is a bellweather to a change in direction with momentum behind it. In this case we could see a strong move to the upside when this occurs.
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Of course, we have our current near term resistance levels of the Weekly Pivot Range and 3 Day Rolling Pivot Range to get through, hence we will need to be patient and wait for the market to surpass these levels before we can see an assault on the Monthly Pivot Range, which is our real target. The Monthly Pivot Range high is our key resistance level which we need to get above on a long term basis, in order for us to see a truly bullish market with much higher prospects and ditch these range bound markets we have seen for many weeks.
The action to take is to buy when the price closes above the Monthly Pivot Range high level and place the stop loss below the Monthly Pivot Range low. Place the profit targets as stated.
Entry Price: 18.000
Stop Loss: 14.850
Profit Targets: First profit target 22.900. Second profit target 25.100 Once price reaches first profit target bring the stop loss to breakeven (entry price). Then as price moves higher trail a stop loss 2.000 points back until 2nd profit target is reached or stopped out.
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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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Christopher Burton
4 stars on average, based on 67 rated posts
I 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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