BINANCE COIN Price Analysis 25/07/2020
Hello there my fellow ones!!
How's your day or night going? I hope its legendary!! 😀
This is your friendly neighborhood Lj again for our daily dose of Price Analysis of interesting cryptos.
For this section, I would like to discuss about the recent and fresh break out of BNB or Binance Coin against BTC.
This is really a good pair to keep an eye on because we can see that slowly but surely, the momentum is already shifting more and more to the buyers side.
BNB has already went down on a massive downward spiral from its ATH on April 2019 but the price structure in the longer horizon is already winding down.
The capitulation and flush out that happened from May to July is also a really good indicator that this can be really the bottom of the price.
We can also see a double bottom that successfully formed (small yellow arrow). This is a good indication and pattern for a bottoming of the price.
The momentum also is really looking good, both the daily RSI and MACD are pointing up. This is a good indication that more and more buyers are leaning in and participating in this pair.
The risk to reward is also looking good with this one. We can have a potential profit of 15% if it revisits the past resistance of 0.0023 satoshi.
But if the move really is a strong one, we can have a potential profit of upto 30% in the 0.0026 satoshi area.
As always, it is good to stay safe and have a proper risk management in our trading and investing journey. This will insure us that we can still participate in the future in the markets and retain our money.
If you guys have some chart request and want me to analyze some specific crypto or asset, feel free to comment and I will post it next. 😀
Stay disciplined guys!! 😀
Till next time,
Cheers!! 😀
#BNB #BinanceCoin #Investing #Trading
Disclaimer: This is not a financial advice and only for educational purposes only.