Trade Recommendation: Binance Coin
Our January 30, 2019 trade recommendation for Binance Coin (BNB/BTC) hit both targets. If you followed the trading plan, you would have grown your investments by over 43% in a week.
Now, Binance Coin significantly overshot our target when it breached resistance of 0.0026 on February 28th. We were hoping for a pullback but this is one those rare cases where the market decided to go on a monster bull run. As a result, BNB/BTC ran away from us and climbed as high as 0.0044225 on April 1st.
From that point, we were closely watching this altcoin for a solid entry point. It looks like we’re going to get that soon.
Technical analysis shows that BNB/BTC has taken out resistance of 0.004 on April 18th. This triggered the breakout from the large bull flag on the daily chart. As mentioned before, a bull flag is a continuation pattern. This means that a breakout most likely leads to the resumption of the uptrend.
Currently, Binance Coin is trading in near overbought conditions, which is why a minor correction is ongoing. This can be a great chance to buy the dip.
The strategy is to buy as close to 0.004 as possible. As long as bulls hold this support, Binance Coin will likely generate the momentum to rally to our targets of 0.0048 and 0.0055.
The process may take less than a month.
Daily Chart of Binance Coin/Bitcoin on Binance
As of this writing, the Binance Coin/Bitcoin pair is trading at 0.0045576 on Binance.
Summary of Strategy
Buy: As close to 0.004 as possible.
Targets: 0.0048and 0.0055.
Disclaimer: The writer owns bitcoin, 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.