Trade Recommendation: Lisk

1

This is a longer term buy trade. LSKBTC is in a nice uptrend coming off the recent 10 day retracement of the bounce from the bear market since February. The market seems to have more left in this move to the upside.




Expect strong resistance at the Monthly Pivot Range high. However, once we can get above this level, this could be a good buy trade for the longer term. Be patient, as it may take many days for the market to be convicted to go higher off the Monthly Pivot high resistance.

Another good sign is the Daily Pivot Moving Averages are flattening out which is a good indication the momentum is preparing to shift direction.

So, the action to take is to buy when the market closes above the Monthly Pivot Range high on the Daily chart. We should be confident in the support level of the Monthly Pivot Range low which would be a good place for the stop loss.

Entry Price: 0.0013684
Stop Loss: 0.0012386
Profit Targets: First profit target 0.0015675. Second profit target 0.0019400. Once price reaches the first profit target raise the stop loss to breakeven. Then if the market follows through to higher levels manage the trade by trailing a stop loss .0000750 points behind until second profit target is reached or stopped out.




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.




Featured image courtesy of Shutterstock.

Leave A Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.