Trade Recommendation: VeChain
The VENBTC coin price has settled down above key Pivot support. As you can see on the Daily chart we have a “Pivot Stack” formed by the Daily Pivot Range, Weekly Pivot Range and the 3 Day and 6 Day Rolling Pivots.
This is a reliable support setup for a good risk reward ratio buy trade. The longer term support of the Monthly Pivot Range set below the Pivot Stack is a solid sign of upward bias.
Expect there to be some retracement off the recent 3 day move up. Look for a pullback to approximately the current Daily Pivot of 0.00057200, for a good long entry point. Place your stop loss below all the Pivots, near the 6 Day RPR low and below the recent swing low.
Entry Price: 0.00057200
Stop Loss: 0.00050560
Profit Targets: First profit target 0.000669500 . Second profit target 0.00072450. Once price hits first profit target raise the stop loss to breakeven and if price follows through to higher levels, trail the stop loss .00005000 points behind until second profit target is reached or stopped out.
Disclaimer: The writer owns Ripple, Litecoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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