With the price trading above the Daily Pivot Range (blue dots) the bias is to the upside. This Pivot Range level provides the near term key support range. The black uptrend line is an important feature in a breakout trade setup and is important support.
The action to take is to place a buy order to enter the market long if the market trades at or above the ‘A’ up line for 15 consecutive minutes or longer. This will confirm the market wants to move higher. Use your short term or 1-5 minute charts to verify the time requirement.
Note: This recommendation is good until the end of the session. If triggered, look for the trade to play out over a period of 24-36 hours and if no significant move after 3 hours, exit the trade.
Entry Price: 9420
Stop Loss: 9245
Profit Targets: First profit target 10045. Second profit target is 10633. Once first profit target is reached, bring stop loss to breakeven, then trail a stop loss on remaining position 150 points back as market moves higher to safeguard profits or until second profit target is hit.
Disclaimer: The writer owns Bitcoin, 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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