I would be remiss if I left QTUM out of the analysis during these tepid times. What is telling about this price action is the Daily Pivot Moving Averages. Notice the flat (red line) 14 Day Pivot MA and the steep decline of the (yellow line) 30 Day Pivot MA. These two Moving Averages are on a likely path to crossover which is a bellweather to a change in direction with momentum behind it. In this case we could see a strong move to the upside when this occurs.
Of course, we have our current near term resistance levels of the Weekly Pivot Range and 3 Day Rolling Pivot Range to get through, hence we will need to be patient and wait for the market to surpass these levels before we can see an assault on the Monthly Pivot Range, which is our real target. The Monthly Pivot Range high is our key resistance level which we need to get above on a long term basis, in order for us to see a truly bullish market with much higher prospects and ditch these range bound markets we have seen for many weeks.
The action to take is to buy when the price closes above the Monthly Pivot Range high level and place the stop loss below the Monthly Pivot Range low. Place the profit targets as stated.
Entry Price: 18.000
Stop Loss: 14.850
Profit Targets: First profit target 22.900. Second profit target 25.100 Once price reaches first profit target bring the stop loss to breakeven (entry price). Then as price moves higher trail a stop loss 2.000 points back until 2nd profit target is reached 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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