Trade Recommendation: Bitcoin Cash

The latest Daily Pivots show us continued bias to the upside. Despite the pullback the last 2 days and our modest recovery, there may be more left in the bull move. However, the 60 minute chart shows the 3 Day Rolling Pivot Range (green/yellow dots) as resistance so we will need to see confirmation with the hourly candle closing above the 3 Day RPR high, at 1481.00.

Also considering the 14 Day Pivot Moving Average (red line) is edging back up, this makes the case for upside more compelling.

The action to take is to buy on a confirmation of strength and enter a long position only if the market closes above 1481.00.  If triggered, place the stop loss and profit targets stated below.

Entry Price: 1481.00
Stop Loss: 1370.00
Profit Targets: First profit target 1615.00. Second profit target 1720.00. Once first profit target is reached, bring stop loss to breakeven, then as the market makes new highs, trail a stop loss on remaining position 50 points behind to safeguard profits or until second profit target is hit.

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.

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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