Trade Recommendation: VeChain

Vechain is continuing to hold support at the Daily Pivot Range with the short term bias to the buy side. VENBTC does have some serious resistance nearby at the Monthly Pivot Range low which will have to be overcome if this trade setup will pan out and follow through to our profit targets.

Fortunately we have the ‘A’ up line in close proximity that will give us the confirmation necessary to take a long position above this Monthly Pivot resistance. There is plenty of support nearby at the Weekly Pivot Range and 6 Day Rolling Pivot Range.

The Daily Pivot Moving Averages are also looking good with a bullish direction upward.

The action to take is to buy if the price trades at or above the ‘A’ up line for at least 15 consecutive minutes. Place the stop loss below the Weekly Pivot Range low and the profit targets as stated.

If the trade signal is not triggered by end of the session, cancel the orders.

Entry Price: 0.0004777
Stop Loss: 0.0004600
Profit Targets: First profit target 0.0004960. Second profit target 0.0005030. Once price reaches first profit target bring stop loss to breakeven (entry point).

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.