Trade Recommendation: Bitcoin Cash
Trade setting up quickly and requires prompt attention.
IMPORTANT: Read the analysis below to understand trade entry details, duration and management before placing your orders.
The market is channeling at an important level near the recent swing high. But the key indicators are bias to the long side with the Daily Pivot Range, 6 Day RPR and the Weekly Pivot Range acting as key support. The Opening Range is very near so the stop loss will be tight. The good thing with a tight stop loss is that the risk is low and the profit potential is good. This turns out to be a good risk to reward ratio.
The Daily Pivot Moving Averages are turning up so this is bullish.
The action to take is to place a buy order to enter the market long if the market trades above the recent swing high which is our major resistance. This will confirm the market wants to move higher on a breakout move.
Note: This recommendation is good until the end of the session. If triggered, look for the trade to play out over a period of 24-36 hours and if no significant move after 3 hours, exit the trade.
Entry Price: 1076
Stop Loss: 1049
Profit Targets: 1st Profit Target: 1142; 2nd Profit Target: 1189. Once first profit target is reached, bring stop loss to breakeven, then trail a stop loss on remaining position 20-25 points back as market moves higher to safeguard profits or until second profit target is hit.