Trade Recommendation: VeChain
We are in a new month so we can take a look at the Monthly Pivot Range and see where this has settled in for our longer term perspective on the VENBTC pair. As you can see the current price is in the middle of the Monthly Pivot Range along with the Weekly Pivot Range (orange/yellow dots). This tells us we are in the midst of a key inflection level that will breakout upward or downward.
Since we have a gradual longer term uptrend developed over the last couple months we can anticipate a bullish move if the price can close above the Monthly Pivot Range high level shown on the chart.
Also notice the Daily Pivot Moving Averages (red, yellow, white lines) flattening out which tells us their downside momentum has stalled.
The action to take is to watch the Daily chart and enter long if the price closes above the Monthly Pivot Range high level of .0005130 on the Binance exchange price. Place the initial stop loss and profit targets stated below.
Entry Price: 0.00051300
Stop Loss: 0.00042545
Profit Targets: First profit target 0.00061400. Second profit target 0.00079200. Once price reaches first profit target trail a stop loss 4000 points back until you hit the 2nd profit target or get 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.