Decision Time for Binance Coin (BNB)
Decision Time for Binance Coin (BNB)
- RSI at this low level is typically followed by
significant price increase (See Green Circles).
- A buy here could make sense with a tight stop
below the upward channel border. Equally on a break
of the border to the downside, you could short and set
your stop loss at the channel border.
- We are trending up in the channel but technically we are
not in a full uptrend as we are below the 200 day. Caution
advised.
As we are meeting the border of the channel now is a good time
to consider a position, place it, ENFORCE a stop loss and sit back and
see what happens next.
Best of luck, the parameters are set.
PUKA
- RSI at this low level is typically followed by
significant price increase (See Green Circles).
- A buy here could make sense with a tight stop
below the upward channel border. Equally on a break
of the border to the downside, you could short and set
your stop loss at the channel border.
- We are trending up in the channel but technically we are
not in a full uptrend as we are below the 200 day. Caution
advised.
As we are meeting the border of the channel now is a good time
to consider a position, place it, ENFORCE a stop loss and sit back and
see what happens next.
Best of luck, the parameters are set.
PUKA
Comment:
Whilst BNB has chosen a direction price is currently sitting on the 200 week MA and I think this could provide an opportunity or a bounce.