BNB: Sideways Channel
Trade setup: Price remains in an Uptrend, however, it’s consolidating in a Sideways Channel ($500 - $620). Price has been very strong lately relative to the market. Most altcoins are off their March highs by 30-50% and this one keeps pushing against the $620 resistance...seems it`s just a matter of days before it pierces through and marches higher. Swing traders: can enter near channel support of $500 and exit near horizontal resistance of $600 for a +20% gain. Stop Loss (SL) level at $470. Trend traders: wait for a breakout.
Pattern: Price is trading in a Sideways Channel, which is a neutral pattern (indication of market indecision). Trend Traders ought to wait for a breakout in either direction, although typically it breaks in the direction of the existing trend. Swing Traders can trade the range? Buy near Support and Sell near Resistance. Learn to trade Sideways Channel in Lesson 6.
Trend: Short-term trend is Strong Up, Medium-term trend is Up and Long-term trend is Strong Up.
Momentum is Bullish (MACD Line crossed above MACD Signal Line). Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance: Nearest Support Zone is $500.00, then $400.00. Nearest Resistance Zone is $670.00.
Pattern: Price is trading in a Sideways Channel, which is a neutral pattern (indication of market indecision). Trend Traders ought to wait for a breakout in either direction, although typically it breaks in the direction of the existing trend. Swing Traders can trade the range? Buy near Support and Sell near Resistance. Learn to trade Sideways Channel in Lesson 6.
Trend: Short-term trend is Strong Up, Medium-term trend is Up and Long-term trend is Strong Up.
Momentum is Bullish (MACD Line crossed above MACD Signal Line). Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance: Nearest Support Zone is $500.00, then $400.00. Nearest Resistance Zone is $670.00.
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