Trade Recommendation: Ethereum

 

This trade recommendation is setting up quickly and requires prompt attention

Bias is to the upside with the price trading above the Daily Pivot Range (blue dots), therefore this level is key support for today. With the Daily Pivot Moving Averages (red,yellow, white lines) pointed up, this is bullish. Look to buy on strength and enter a long position at the breaking above recent resistance. Also the green and yellow dots show that the 3 day Rolling Pivot Range is support, demonstrating the bias remains bullish for the next couple of days.

The action to take is to place a buy stop order, to enter and go long at 1072.00. If triggered, place the stop loss and profit targets stated below.

Note: this trade recommendation is good for today and will expire at UTC 0800.

Entry Price: 1072.00
Stop Loss: 1039.99
Profit Targets: First profit target 1095.00. After first target reached, set a second profit target at 1159.00, and simultaneously trail a stop loss on remaining position 20-25 points behind to safeguard profits.

Disclaimer: The writer owns bitcoin, 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.