Binance Coin: Buying Opportunity
The price bounced from SMA100. We have a new swing high, which is above the previous one. The price broke the local downtrend line, and it gave a bullish signal in the direction of the uptrend. MACD and RSI are bullish and support a possible upward movement.
We have a buying opportunity. Here is an example of a possible long position:
Buy above 17.20USD
Stop below 16.35USD
Profit Target at 18.95USD
Risk per trade must be no more than 3-5% from the capital.
Maybe you tell me: "But what about H&S chart pattern, which gives a trend reversal signal?"
Yes, we can draw H&S pattern and use it as a strong bearish sign. But it does not confirm by the breakout below the key level. Also, if the price can move above the right shoulder, this pattern will give a strong bullish signal.
So, if the price stays above 16.50USD and SMA200, the market will have everything for the upward movement to 19.00USD resistance.
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Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
We have a buying opportunity. Here is an example of a possible long position:
Buy above 17.20USD
Stop below 16.35USD
Profit Target at 18.95USD
Risk per trade must be no more than 3-5% from the capital.
Maybe you tell me: "But what about H&S chart pattern, which gives a trend reversal signal?"
Yes, we can draw H&S pattern and use it as a strong bearish sign. But it does not confirm by the breakout below the key level. Also, if the price can move above the right shoulder, this pattern will give a strong bullish signal.
So, if the price stays above 16.50USD and SMA200, the market will have everything for the upward movement to 19.00USD resistance.
If you like my work, please smash the LIKE button. If you want to share your thoughts about my work, the markets, trading ideas, you are welcome to the comments part!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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