Short BNB/BTC - Good Risk/Reward Intraday Trade
Updated
Binance broke out recently of it's long-term channel recently and had a specular run. It's close the 200 Day Moving Average and over extended in the short-term. I'd short it here above 0.0018 for BTC with a target of 0.00165 to 0.0015. I think it could reasonably get there by the morning, but the longest I'd give it is 1-2 days. Like most of my trades, we take it a day at a time. But it's been a while I really liked a trade and this is one of them.
Trade closed: target reached
Scale out between 0.00172 to 0.00162. This trade took a bit longer to play out than I anticipated. Nevertheless still a good 10%, though had to sit through a bit of red. Ended up being a bit more flexible with the stop than usual because of the Cup and Handle pattern that was forming on BTCUSDT.Disclaimer
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