Binance Coin: Weird Upward Movement and How to Trade
The price bounced from the support zone formed by SMA200 and 18.00$ support level and moved to the resistance zone. That upward movement was rather weird as Bitcoin and other top altcoins moved sideways and we could expect the same movement of Binance Coin. The price reversal from the support zone gave us a buying opportunity. If you could catch that reversal following the simple trading signal, well done! If not, you should wait for a pullback and join the uptrend at SMAs.
The price is at the resistance zone now. If the buyers can break this zone, we should be ready to see the further upward movement toward the next resistance at 40.00$ level. I'm not sure that it will be a good idea to follow the breakout signals as the whole market is not controlled by the buyers. The long trade will be rather risky. Maybe if you can use hourly timeframes and short term trading, the long trade will be profitable.
If the price bounces from the resistance, we will see the pullback toward SMA20 and SMA50. The reversal signals from these lines will be good for buying. Don't forget about the proper risk and money management.
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.
The price is at the resistance zone now. If the buyers can break this zone, we should be ready to see the further upward movement toward the next resistance at 40.00$ level. I'm not sure that it will be a good idea to follow the breakout signals as the whole market is not controlled by the buyers. The long trade will be rather risky. Maybe if you can use hourly timeframes and short term trading, the long trade will be profitable.
If the price bounces from the resistance, we will see the pullback toward SMA20 and SMA50. The reversal signals from these lines will be good for buying. Don't forget about the proper risk and money management.
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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