Trade Recommendation: Binance Coin

Binance Coin has a buy setup occurring.  The ‘A’ up line is confirming a buy signal with the price trading at or above the ‘A’ up line.

All the Pivots are below the current price so this is a strong bias to the upside. Also the Daily Pivot Moving Averages have all turned upward.

So the action to take is to buy if the price trades at or above the ‘A’ up line for at least 15 consecutive minutes. Use your short term charts (5 Minute) to confirm this action. Place the stop loss below the Daily Pivot Range low.

Entry Price: 16.2000
Stop Loss: 15.3800
Profit Targets: First profit target 17.1000. Second profit target 17.4000. Once price reaches first profit target bring stop loss to breakeven (entry point).

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.