Trade Idea – Binance Coin (BNBBTC): Bearish Bias
Daily Timeframe Analysis
The Daily timeframe presented covers market action since inception of Binance coin traded against Bitcoin i.e. BNBBTC. Candlestick chart used using a log scale reveals a rising wedge (diagonal) chart pattern (ideally bearish) that has lasted over 18 months.
Sell BNBBTC on a break below immediate support as shown on the chart.
Key levels to focus on: 0.0033743 and 0.0027506 (based on data from BINANCE).
Outlook: A break below the lower boundary of support (0.0027506) is preferred as selling point as it ensures price breaking below the wedge (i.e. confirmation) and also the lower boundary of support giving way to an increase in bearish momentum. The bearish trade is expected to last weeks to months
Stop loss for the above scenario can be placed just above ~0.0039342
Minimum profit target on the bearish trade is ~0.0012128.
Note: Prices can vary between exchanges. As a result, there may be differences in the charts provided above due to different data sets.