Trade Recommendation: QTUM

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QTUM could be ready for a quantum leap to the upside. On the QTUMBTC daily chart we see the price has surpassed and closed above the Monthly Pivot Range high, this is a significant event in that it demonstrates the bias has shifted from the many weeks of bearishness, to one of bullishness.




The 14 Day Pivot Moving Average (red line) has crossed the yellow 30 Day Pivot MA and the white 50 Day Pivot MA so this is clearly bullish . There are no other key Pivot levels that are in the way of a long term move up.

The action to take is to place a buy order to enter the market long. The support level near term should be the Monthly Pivot high but look for longer term support all the way down to the Monthly Pivot low. This is a long term trade so be patient by placing your stop loss far enough away to avoid getting prematurely stopped out.

This is a good risk reward ratio within a high probability setup with a lot of support.

Entry Price: 22.00
Stop Loss: 19.90
Profit Targets: First profit target 27.88. Second profit target 34.90. Once price reaches 25.50 raise the stop loss to breakeven. Then if the market follows through to higher levels manage the trade by trailing a stop loss 2.00 points behind until second 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.

Featured image courtesy of Shutterstock.

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