Binance is the biggest cryptocurrency exchange by volume. It has its own cryptocurrency called Binance Coin (BNB).
This token is pretty famous and used by many. As Binance grows, so those the value of this token.
With altcoins touching bottom and breaking up, BNBBTC is showing some action as well of a move coming up ahead. If a bull market does come, we will see Binance do big numbers in trading volume and expect for BNB to grow as well.
Let’s get started... Daily chart:
- The first to notice here is the breakout (far right). You can see the last candle that closed broke above the blue, magenta and orange lines, these represent the indicator EMA (Exponential Moving Average). Breaking above these lines is a bullish development. The increase in green volume is also a positive signal. - The MACD is moving up and diverging from the price. Is possible that BNB does a strong break up follow by sideways consolidation. - The RSI is in a clear uptrend since July. - The STOCH is bullish.
Note: These are just signals. These signals can change as the market moves. They can either improve, just as they can change and be invalidated.
If the market goes our way we sell on TARGET for profits. If the trade goes wrong, we look for STOP LOSS. For now, we buy and wait… Let’s trade.
Trade instructions for Binance Coin (BNBBTC)
Buy in: 0.00153 – 0.00161
Targets for BNBBTC by Alan Masters:
(1) 0.00170 (2) 0.00188 (3) 0.00211 (4) 0.00241
Stop loss:
(1) Close daily below 0.00150. (2) Close weekly below 0.00140 (stronger stop loss).
Capital allocation: <20%.
Thanks a lot for the amazing support.
Feel free to contact me directly if you have any questions.
Thx for the update allan!