Trade Recommendation: DASH

DASH is ready to make a longer term dash to the upside again. On the daily chart we see the price has surpassed and is about to close above the Monthly Pivot Range high, this is a significant event in that it demonstrates the bias has shifted from the many weeks of bearishness, to one of bullishness.

Also considering the 14 Day Pivot Moving Average (red line) has crossed the yellow 30 Day Pivot MA this is clearly bullish . There are no other key Pivot levels that are in the way of a long term move up.

The action to take is to place a buy order to enter the market long. The support level near term should be the Monthly Pivot high but look for longer term support all the way down to the Monthly Pivot low. This is a long term trade so be patient by placing your stop loss far enough away to avoid getting prematurely stopped out.

Entry Price: 462.50
Stop Loss: 359.00
Profit Targets: First profit target 615.00. Second profit target is 710.00. Once the market reaches 510.00 bring the stop loss to breakeven (entry level); then manage the trade further by using a trailing stop loss 50.00 points behind as the market runs higher.

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.