Hey Friends!
BNB/BTC has formed a nice potential bottoming pattern, and has experienced some bullish buying volume, as seen in the chart below. My trading idea is to buy around current levels with a stop loss order around 0.00196, an initial target around resistance in the 0.0026 area, and a secondary target in the 0.0033 area.
As seen in the 3 day BNB/BTC chart above, price appears to have formed at least a temporary bottom, and is far below the red Ichimoku Cloud resistance which gives it some room to run, the accumulation/distribution line has begun rising again, showing that the bulls are accumulating, the MACD is making a bullish cross from below the zero line with plenty of room to run, Willy is starting to emerge from oversold levels, and the Fisher Transform Indicator is bullishly pointing upwards.
Remember, if you choose to trade, then feel free to sell whenever you wish – keep in mind that this is only a trade idea. A common strategy is to sell half of one’s trading position at or near a double, and ride any additional gains on top of that while keeping a trailing stop loss. Always remember to exercise proper risk management, and don’t invest more than you can afford to lose.
Stay ahead of the masses,
Seth Maniscalco
Founder, Crypto Wealth Coach LLC
Owner, Modern Wealth Management LP
www.CryptoWealthCoach.com
BNB/BTC has formed a nice potential bottoming pattern, and has experienced some bullish buying volume, as seen in the chart below. My trading idea is to buy around current levels with a stop loss order around 0.00196, an initial target around resistance in the 0.0026 area, and a secondary target in the 0.0033 area.
As seen in the 3 day BNB/BTC chart above, price appears to have formed at least a temporary bottom, and is far below the red Ichimoku Cloud resistance which gives it some room to run, the accumulation/distribution line has begun rising again, showing that the bulls are accumulating, the MACD is making a bullish cross from below the zero line with plenty of room to run, Willy is starting to emerge from oversold levels, and the Fisher Transform Indicator is bullishly pointing upwards.
Remember, if you choose to trade, then feel free to sell whenever you wish – keep in mind that this is only a trade idea. A common strategy is to sell half of one’s trading position at or near a double, and ride any additional gains on top of that while keeping a trailing stop loss. Always remember to exercise proper risk management, and don’t invest more than you can afford to lose.
Stay ahead of the masses,
Seth Maniscalco
Founder, Crypto Wealth Coach LLC
Owner, Modern Wealth Management LP
www.CryptoWealthCoach.com