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RECOMMENDATIONS
Trade Recommendation: Basic Attention Token
Published 22 hours ago on December 1, 2018
Basic Attention Token (BAT/BTC) printed a new yearly low on September 12, 2018 when it dropped to as low as 0.00002056. While this number may appear random, a closer look at BAT/BTC reveals that 0.00002056 is actually a key support level. This used to be the market’s resistance back in December 2017. The breach of this resistance triggered a parabolic run to 0.0000667 on January 9, 2018.
Now after the market touched 0.00002056 on September 12, another parabolic run was triggered. This time, Basic Attention Token climbed as high as 0.00005992 on November 8. At that point, the market was ripe for profit-taking. As distribution commenced, the market significantly retraced. The good news is that bulls have reclaimed an important support level.
Technical analysis shows that amidst the strong correction, BAT/BTC managed to recover key monthly support of 0.000039. If you zoom out and look at the monthly chart, Basic Attention Token has bullish tendencies as long as the monthly candle closes above this level. On the other hand, a monthly close below this level tends to send the market back down to 0.0000206.
In addition, the pullback enabled technical indicators to cool down. The daily RSI is out of overbought territory. More importantly, the market respected and retested RSI support of 42. These are encouraging developments as BAT/BTC appears to retain its bullish steam as long as it is above this RSI level.
The strategy is to buy on dips as close to 0.000039 as possible. If the market can defend this support, it will likely gather the momentum to climb to our initial target of 0.00004523. Take that out and 0.00005057 is next.
The process may take a month.
Daily Chart of Basic Attention Token/Bitcoin on Binance
As of this writing, the Basic Attention Token/Bitcoin pair is trading at 0.00004114 on Binance.
Summary of Strategy
Buy: As close to 0.000039 as possible.
Target: 0.00004523 and 0.0000505.
Stop: 0.0000375
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, CFA
3.7 stars on average, based on 279 rated posts
Kiril 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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RECOMMENDATIONS
Trade Recommendation: NEO
Published 21 hours ago on December 1, 2018
NEO (NEO/BTC) generated a fresh yearly low of 0.001834 on November 27, 2018. This new low might look bad for the market from a retail investor’s point of view. However, a smart trader looks to enter at these levels. After all, 0.00183 is a key monthly support.
NEO dropped to this area back in December 2017. The rejection of the price below 0.00183 eventually led to the parabolic run that saw the market ascend to as high as 0.0152 on January 30, 2018.
NEO’s revisit to 0.00183 means that the market has given up all the gains of this year’s earlier bull run. More importantly, the bear market filled all gaps in the market. This can be interpreted as the completion of the market cycle, which is good for NEO’s organic and long-term growth. Also, it is good for investors accumulating at these levels.
Technical analysis shows that NEO/Bitcoin is respecting key monthly support of 0.00183. While this is a good start, volume needs to expand soon. The thin volume when the market touched the support on November 27 led to a less than stellar bounce to 0.002019 on November 29. The price action tells us that NEO will likely retest 0.00183 soon. This can be a good opportunity to buy.
The strategy is to buy the retest of 0.00183 support. NEO is oversold in both the weekly and daily timeframes. These conditions should help the market bounce to our initial target of 0.0025. Take that out and 0.003319 should be achievable.
The process may take a month.
Daily Chart of NEO/Bitcoin on Binance
As of this writing, the NEO/Bitcoin pair is trading at 0.00194 on Binance.
Summary of Strategy
Buy: As close to 0.00183 as possible.
Target: 0.0025 and 0.003319.
Stop: 0.00176
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.
Rate this post:
Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
(0 votes, average: 0.00 out of 5)
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Kiril Nikolaev, CFA
3.7 stars on average, based on 279 rated posts
Kiril 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.
RECOMMENDATIONS
Trade Recommendation: Zilliqa
Published 2 days ago on November 30, 2018
Zilliqa (ZIL/BTC) looked like it had more downside potential when it generated a fresh 2018 low of 0.00000347 on November 25, 2018. In hindsight, the move down to the yearly low was nothing but a shakeout, which is common in crypto. A couple of days after the market printed a new low, Zilliqa rallied significantly. It climbed as high as 0.00000497 on November 28.
This dump and pump scheme is something that we’ve seen in many altcoins recently. Enigma (ENG/BTC) and POA Network (POA/BTC) easily come to mind. If these coins are the leaders, then we should watch the pullback. Often, the market retraces close to the low but just around a key support level. We’re seeing this same pattern unfold in Zilliqa.
Technical analysis shows that ZIL/BTC is also pulling back after a rally. The surge may look like a dead-cat bounce but the volume expansion makes us think otherwise. After all, the last time the market printed volume that’s over 500 million Zilliqa units was in May 2018 when it traded above 0.00002.
In addition, the volume and price upticks happened while the market was trading around 0.0000038, which is the market’s monthly support. The green block on the chart shows the area of high demand. Zilliqa has always bounced after touching this demand area.
The strategy is to buy the dip as close to 0.0000038 as possible. As long as bulls hold this support, they are likely to ignite a rally to our targets of 0.00000526 and then 0.0000062.
The process may take more than a month.
Daily Chart of Zilliqa/Bitcoin on Binance
As of this writing, the Zilliqa/Bitcoin pair is trading at 0.00000416 on Binance.
Summary of Strategy
Buy: As close to 0.0000038 as possible.
Target: 0.00000526 and 0.0000062.
Stop: 0.00000365
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.
Rate this post:
Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
(0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Kiril Nikolaev, CFA
3.7 stars on average, based on 279 rated posts
Kiril 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.
RECOMMENDATIONS
Trade Recommendation: Red Pulse Phoenix
Published 3 days ago on November 29, 2018
We’ve been keeping tabs on Red Pulse Phoenix (PHX/BTC) after its meteoric ascent from 0.00000217 on October 26, 2018 to 0.00001 on October 27. That’s an increase of over 360% in 24 hours!
Of course, such a big leap in price in such a short period of time is never sustainable. At that point, Red Pulse Phoenix flashed extreme overbought signals on the 4-hour RSI. On top of that, the 4H candle generated a long wick above its body. This indicated that the market was screaming for a pullback. So that’s what happened.
Red Pulse Phoenix entered a month-long correction that saw the market plummet to as low as 0.00000228 on November 25. At that price, PHX/BTC appeared ready to reverse. We just needed to confirm our bias. We believe that this is something that we’ll likely see in the next few days.
Technical analysis shows that PHX/BTC has managed to recover key monthly support of 0.0000025. The recovery spurred demand, which enabled the market to rally to 0.00000342 on November 28. While the two-day rally looked bullish, there’s also the possibility that it is just a dead-cat bounce.
Thus, the best thing to do right now is to stay patient and watch the price action.
Red Pulse Phoenix breached the range midpoint of 0.000003 on November 28. With this price movement, we can expect the market to drop back down to monthly support of 0.0000025. If it holds, then PHX/BTC would have successfully retested the support. More importantly, it would create a double bottom pattern. This would give us a slightly bullish bias.
The strategy is to buy the dip as close to 0.0000025 monthly support as possible. If bulls can stay above the support, they will likely inspire a rally to the range midpoint and our target of 0.000003. Take that out and the next target is the top end at 0.0000034.
The process may take less than a month.
4-hour Chart of Red Pulse Phoenex/Bitcoin on Binance
As of this writing, the Red Pulse Phoenix/Bitcoin pair is trading at 0.00000273 on Binance.
Summary of Strategy
Buy: As close to 0.0000025 as possible.
Target: 0.000003 first and then 0.0000034.
Stop: 0.00000243
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.
Rate this post:
Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
(0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Kiril Nikolaev, CFA
3.7 stars on average, based on 279 rated posts
Kiril 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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