Trade Recommendation: Bitcoin

This trade recommendation is setting up quickly and requires prompt attention

There is key support now with the Daily Pivot Range and 3 Day Rolling Pivot Range below current price levels. The ‘A’ up value line is almost in line with the key breakout price level so look for price action to trade above this level for a buy position.

The action to take is to place a buy order to enter the market long if the market trades above the key level at the ‘A’ up line. This will confirm the market wants to move higher. Place the stop loss at the Opening Range low and the profit targets stated below.

Entry Price: 8174
Stop Loss: 7995
Profit Targets: First profit target 8410. Second profit target 9090. Once price reaches the first profit target raise the stop loss to breakeven. Then if the market follows through to higher levels manage the trade by trailing a stop loss 150 points behind until second profit target is reached or stopped out.

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.

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.