Trade Recommendation: Binance Coin

The bias has shifted to the buy side with the price staying steady and now pushing off the support of the Daily Pivot Range. BNBBTC looks like it could set up to go higher if it can show price confirmation above the ‘A’ up line. The recent swing high is a good price level to be above for the confirmation, which is where the ‘A’  up line is currently.

The Daily Pivot Moving Averages are also turned up in sync which is a bullish sign.

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. Place the stop loss below the swing low which is also below the Weekly Pivot Range high. Cancel this signal, if not triggered, at end of the session.

Entry Price: 0.0026453
Stop Loss: 0.0023380
Profit Targets: First profit target 0.0030950. Second profit target 0.0031700. 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.