Trade Recommendation: Litecoin

This trade recommendation is setting up quickly and requires prompt attention

Short term buy trade for LTCUSDT. With a fast retracement in play right now we want to look for good entries for the potential run back up. The Monthly Pivot Range is being tested as a support level right now. If this holds you will want to be long from these levels.

We’re also holding support at the Weekly Pivot Range low and the 6 day Rolling Pivot Range.

The action to take is to place a buy order to enter the market long if the market trades above the Monthly Pivot Range at 148.00. This will confirm the market wants to move higher.

Place the stop loss and the profit targets stated below.

Entry Price: 148.00
Stop Loss: 140.50
Profit Targets: First profit target 156.00, 2nd profit target at 163.00. Once the price trades to first profit target, bring stop loss to breakeven, then trail a stop loss on remaining position 10 points back as market moves higher to safeguard profits or until second profit targets are hit.

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.