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.

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.