Trade Recommendation: Bitcoin Gold

Bitcoin Gold looks bold right now. BTGBTC could be poised for a longer term move up. However we will want confirmation on the charts to make sure, since we have seen a good run up to this level from the bear shakeout the last many weeks.

On the daily chart the price continues to hold above the Monthly Pivot Range and is now battling with the Weekly Pivot Range trying to establish a bias. If the price can win the day and gain the upper hand above the .008500 level then we should be poised for a solid move up.

The other shorter term Pivot levels remain near term support.

The action to take is to place a buy order to enter the market long if the price closes above the Weekly Pivot Range high of .008500. This is a longer term trade so be patient and keep your stop loss far enough away to avoid getting prematurely stopped out.

This is a good risk reward ratio within a high probability setup with a lot of support.

Entry Price: .008500
Stop Loss: .007695
Profit Targets: First profit target .011300. Second profit target .012900. Once price reaches .010200 raise the stop loss to breakeven, then as the market moves higher trail the stop loss .001500 points back until you hit the profit targets 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.