As we continue to search for a bottom, there is room for hope in Cryptoland as the leader, Bitcoin, shows a clear uptrend emerging on both a longer term basis since our February low and a near term basis the last week.
This is a long term bearish trend that is in the process of being broken, as we seem to be in the final hangover stages of the euphoria we experienced in Q4 of 2017. This is a normal process of shaking out the less committed and preparing the way for the long term paradigm shift into the new blockchain economy. That may be an overstatement, since these historical shifts are impossible to predict exact inflection points.
Now that we are in a new month we can take a look at the Monthly Pivot Range and see where this has settled in. As you can see this longer term indicator is above our current price levels and should be considered strong resistance.
Also, on a shorter term basis, the Weekly Pivot Range (orange/red dots) is settled in above current price levels. Be patient as we will have a lot of resistance with both these Pivot levels and it may take some time to return the bias to the bull side.
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 8527.00 on the Binance exchange price. Place the initial stop loss and profit targets stated below.
Entry Price: 8527.00
Stop Loss: 7030.00
Profit Targets: First profit target 9935.00. Second profit target 11475.00. Once price reaches 9100.00 trail a stop loss 400 points back until you hit the profit targets or 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.
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