Trade Recommendation: Monero | Hacked: Hacking Finance
hacked.com - Kiril Nikolaev
Our trading system is simple. We plot the current range and identify three levels: support, resistance, and midpoint. We buy low and sell high by buying the support and selling the resistance. However, there are times when the midpoint is also a good buy level. Whenever we do that, we’re convinced that the market is about to break out of the range and trend higher. That’s what we’re seeing in Monero (XMR/BTC).
Technical analysis shows that XMR/BTC is threatening to take out resistance of 0.014. This view comes after the market broke out of a descending triangle pattern on the 12-hour chart on February 8, 2019. The breakout triggered a rally that sent Monero close to our range high of 0.014 on February 13.
At that point, Monero was in overbought territory on the 12-hour chart. This inspired those who bought the bottom to take profits. As a result, the market is currently pulling back. Nevertheless, this retracement is giving us the chance to go long on the market.
The strategy is to buy at the current level of our range midpoint of 0.013. As long as Monero trades above this level, bulls will likely gather the momentum to finally take out our range high of 0.014.
Once the resistance is breached, it will trigger the breakout from a double pattern on the 12-hour chart. A breakout will likely send the market to our target of 0.016.
The process may take less than a month.
Daily Chart of Monero/Bitcoin on Binance
As of this writing, the Monero/Bitcoin pair is trading at 0.013 on Binance.
Summary of Strategy
Buy: 0.013
Target: 0.016
Stop: 0.0124
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.
Kiril Nikolaev, CFA
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.
Source hacked.com