Trade Recommendation: Bitcoin Gold

This trade recommendation is setting up quickly and requires prompt attention

With the market volatility settling down after this week’s route, it could be time for a retracement.

We will need to see the price move above the Daily Pivot Range (blue dots), as well as the Opening Range high which marks the ‘A’ up level.

With a significant double bottom formation this is a key support level.

The action to take is to place a buy order to enter the market long if the market trades at or above the ‘A’ up line for 15 consecutive minutes or longer. This will confirm the market wants to move higher. Use your short term or 1-5 minute charts to verify the time requirement.

Place the stop loss and the profit targets stated below.

Note: If triggered, look for the trade to play out over a period of 48 hours and if no significant move after 6 hours, exit the trade. Keep in mind the 6 hours is not a rule but a guideline as you will want to use discretion when managing the trade.

Entry Price: 65.00006
Stop Loss: 62.90
Profit Targets: First profit target 72.62. Second profit target 76.37. 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 .2000 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.