Trade Recommendation: Bitmark

This is a longer term buy signal for BTMBTC. The market has a strong uptrend, but upward movement was stymied by the Monthly Pivot, and on April 28th hit it on the Mark, pun intended. These Pivots are extremely reliable and accurate as you can see. After this touch, the price receded back and has settled down a bit.

Now that we have a new month we can see the new Monthly Pivot Range, and it is beneath current price levels. Hence, this is bullish and the bias for the longer term is up.

The action to take is to buy in the “Buy Zone” area and place your stop loss below all the Pivots.

Place the stop loss and the profit target stated below. This is a good risk reward ratio trade.

Entry Price: 0.0007520
Stop Loss: 0.0006750
Profit Targets: First profit target 0.00010905. Second profit target 0.00014070. Once price hits .0009000 trail a stop loss .0001500 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.