Binance, BNB/BTC Broke Out of Its Triangle and Bull Flag!
Updated
Binance, who doesn't know Binance if you trade crypto. The largest crypto exchange in trading volume and expanding rapidly with good fundamentals.
If you believe in crypto longterm and you want to diversify your portfolio wisely, then Binance coin is not a bad choice!
Compare to a lot of coins, BNB/BTC has been legging a bit since the recent BTC bull run. What's even more striking or surprising is that in the past couple of months, BNB/BTC at times has traded inversely against BTC:
Obviously the correlation is not a -1 but there's a nice little inverse relationship that you can trade and profit from.
So if you want a relative stable coin with good fundamentals and one that can outperform BTC, even in a downtrend then Binance should be an interesting candidate to trade.
But what about the chart? Well, let's take a look:
- As you can see, BNB/BTC has just broken out of its long triangle and bullish flag formation.
- Well above the 12 and 50 ema's and the 12 crossed above the 50 which is extra bullish.
- Indicators RSI and MACD are curling up nicely, very positive and still enough room for further upward movement.
- And volume starts to increase as well.
If you want to swing trade BNB/BTC then this is how you can do it.
Trade Instructions
Buy Area:
0.0015200 - 0.0016000
Profit Target:
1. 0.0017327
2. 0.0018354
3. 0.0019380
Stop Loss:
0.0013900
Remember that you can always use a larger stop or no stop at all if you believe in this coin for the mid-long term. You can just ride it out and don't have to worry to get stopped out and miss the swing.
And don't forget to take profits along the way to reduce risk so you can be more patient with the trade and or rebuy or reinvest.
Leave a comment if you have any questions.
Like the post, if you liked it and share it if you loved it! This is for good karma.
And until next time, good luck with your trading!
If you believe in crypto longterm and you want to diversify your portfolio wisely, then Binance coin is not a bad choice!
Compare to a lot of coins, BNB/BTC has been legging a bit since the recent BTC bull run. What's even more striking or surprising is that in the past couple of months, BNB/BTC at times has traded inversely against BTC:
Obviously the correlation is not a -1 but there's a nice little inverse relationship that you can trade and profit from.
So if you want a relative stable coin with good fundamentals and one that can outperform BTC, even in a downtrend then Binance should be an interesting candidate to trade.
But what about the chart? Well, let's take a look:
- As you can see, BNB/BTC has just broken out of its long triangle and bullish flag formation.
- Well above the 12 and 50 ema's and the 12 crossed above the 50 which is extra bullish.
- Indicators RSI and MACD are curling up nicely, very positive and still enough room for further upward movement.
- And volume starts to increase as well.
If you want to swing trade BNB/BTC then this is how you can do it.
Trade Instructions
Buy Area:
0.0015200 - 0.0016000
Profit Target:
1. 0.0017327
2. 0.0018354
3. 0.0019380
Stop Loss:
0.0013900
Remember that you can always use a larger stop or no stop at all if you believe in this coin for the mid-long term. You can just ride it out and don't have to worry to get stopped out and miss the swing.
And don't forget to take profits along the way to reduce risk so you can be more patient with the trade and or rebuy or reinvest.
Leave a comment if you have any questions.
Like the post, if you liked it and share it if you loved it! This is for good karma.
And until next time, good luck with your trading!
Trade active
Currently more/all attention are going to coins with news/events so BNB/BTC isn't getting much hype and attention at the moment. But remember that things could change rapidly to coins that have legged in gains compared to others and with good fundamentals so don't count BNB out yet. You just have to be more patient if you have the time and resources of course.
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