With the weekend trading wrapping up we can head into the week with a new set of Pivots and a new Daily Pivot. These are showing the bias is to the upside and supportive.
However, not coincidentally, the 6 Day Rolling Pivot Range (RPR) HIGH, is capping the move up. You can see the Opening Range high is, as would be expected, perfectly in line with the 6 Day RPR sitting right near the session’s opening price.
Hence, we will have to wait for our entry rule to be confirmed before an entry buy order can be entered on ETHUSDT. If you notice, the green ‘A’ value line happens to be just above the 6 Day RPR, so this couldn’t be placed in a better location for the market to show a confirmation. In other words, we are not giving up much to the upside between the 6 Day RPR and the potential entry point, depending at what price we get long.
What is encouraging and also confirming the bullish bias, is the Daily Pivot Moving Averages turning up simultaneously on the 14 Day, 30 Day and 50 Day periods.
So, 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. Place the stop loss just below the Weekly Pivot and the profit targets stated below.
Entry Price: 695.85
Stop Loss: 664.00
Profit Targets: 840.00/ 921.00 Once the market reaches the first profit target bring the stop loss to breakeven (entry level); then manage the trade further by using a trailing a stop loss 50 points behind as the market runs higher.
Disclaimer: The writer owns Ripple, 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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