Trade Recommendation: Binance Coin

Binance Coin is continuing its recent rally off the Monthly Pivot Range support which has the markings of a significant potential move upward. With the clear support and the narrowness of the Monthly Pivot Range this indicates the move could be strong.

The Weekly and Daily Pivot Ranges add to the base which form a Pivot Stack of support. The Daily Pivot Moving Averages appear neutral and should turn upward with the recent rally which adds to our bullish conviction.

Of course, we need to see confirmation since we are not out of the woods yet in the overall Crypto complex. There is still a 50/50 probability this rally through the high could fail due to low volume throughout Cryptoland.

This is a longer term trade with which we can be patient and wait until the price closes above the recent high before entering long. So let’s play it safe and wait until the price exceeds our recent highs of 16.2760.

The action to take is to buy when the price closes above the recent swing high and place the stop loss below the Monthly Pivot Range low. Place the profit targets as stated.

Entry Price: 16.3000
Stop Loss: 13.9000
Profit Targets:
First profit target 22.9000. Second profit target 24.7000. Once price reaches first profit target bring stop loss to breakeven (entry price).

Disclaimer: The writer owns Litecoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

I am the founder of VirtuesTrading.com, where traders can learn to use my Virtues Trading System. Formerly a Commodity Trading Advisor, I got my start in the Energy and Precious Metals Options & Futures pits of the New York Mercantile Exchange. I operate on the premise of efficient markets, the management of risk through the analyzation of price action and technical indicators. I have a BA in International Relations from the University of Southern California.