BGBUSD Trading within a Rectangle

Apr 24, 2023The Bitget Token (BGBUSD) has been giving us great opportunities both on the long and short-term. Last time it gave us enormous profit on the 1H time-frame:

This time we are looking it from a long term perspective, on the 1D time-frame, where the price is rebounding after hitting the January Higher Lows trend-line, while the 1D RSI is rebounding after hitting the 30.00 oversold barrier.

We are again on the 1D MA50 (blue trend-line) after a week and being in a Rectangle, we expect the price to hit at least 0.4700. As long as we trade below the 0.51845 Resistance, we will look to short every approach back towards the Higher Lows trend-line. A break below the 0.31375 Support, will be a sell signal, targeting the 1D MA200 (orange trend-line).


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