Trade Recommendation: Bitcoin Cash
We have a ways to go for the BCHUSDT pair to find a longer term upward bias. We have begun a new month which shows us the new Monthly Pivot Range levels.
As you can see in the Daily chart, the Bitcoin Cash/US Dollar cross is well under the new Monthly Pivot high which is where the bias would turn bullish with a close above. Keep a watch on the Monthly Pivot Range high until the end of June as your key level for a change in bias to bullishness.
The prudent thing to do is await a close above the current Monthly Pivot Range high before entering with a buy position for a long term position trade. Yes, we may miss out on the potential gain from current levels if we went long here but this is much more risky for a long term trade to buy and hold to profit targets.
There are potential trades on shorter timeframes that we can look at in other recommendations within these levels for BCHUSDT and other pairs, so keep a look out for these.
Near term support is the Pivot Stack of the Weekly Pivot Range and the 3 Day & 6 Day Rolling Pivot Ranges.
The action to take is to enter the BCHUSDT with a buy on a CLOSE above 1360.00. Place your stop loss below the Monthly Pivot Range low and the profit targets as stated.
Entry Price: 1360.00
Stop Loss: 1117.00
Profit Targets: First profit target 1805.00. Second profit target 2325.00. Once price hits first profit target raise the stop loss to breakeven.
Disclaimer: The writer owns Ripple, Litecoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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