Binance Coin: Breakout above Resistance as New Trade Opportunity
The price bounced from the bottom line of a price channel and moved upward. We could open long positions from 14.60USD support zone using reversal signals from the daily and hourly charts. If you missed that trade opportunity, I think it will be better to wait for the breakout above 18.00USD resistance zone. Why is this breakout so important?
As you can see, the price has been moving sideways in the borders of the price channel. If the price breaks the upper level of the price channel, it will be a bullish signal confirming the strength of buyers. The market will have the opportunity to start a new uptrend with the main target at the previous important market high at 27.20USD.
If you are not sure in the trade based on the breakout, wait for a possible retest of the broken resistance, which will act as new support, and open long positions following the reversal signal.
Stop orders must be placed below 18.00USD and the local swing low.
Risk per trade can be 3-5% from the deposit.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
As you can see, the price has been moving sideways in the borders of the price channel. If the price breaks the upper level of the price channel, it will be a bullish signal confirming the strength of buyers. The market will have the opportunity to start a new uptrend with the main target at the previous important market high at 27.20USD.
If you are not sure in the trade based on the breakout, wait for a possible retest of the broken resistance, which will act as new support, and open long positions following the reversal signal.
Stop orders must be placed below 18.00USD and the local swing low.
Risk per trade can be 3-5% from the deposit.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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