The key support is the 3 Day Rolling Pivot Range (green/yellow dots) which at the time of writing is being tested. 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 support that we will want to see not broken. We are at a key inflection point now.
The Daily Pivot Moving Averages are flat so they are neutral.
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: 194.63
Stop Loss: 185.88
Profit Targets: First profit target 215.00. Second profit target is 229.00. Once first profit target is reached, bring stop loss to breakeven, then trail a stop loss on remaining position 10 points back as market moves higher to safeguard profits or until second profit target is hit.
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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