Binance Coin: How to Trade in Bullish Market
The price broke 18USD resistance zone and updated the previous market high. In the daily chart, we have high highs and higher lows, and it is the bullish structure. We can draw a new uptrend line, which will support the uptrend. MACD and DMI are bullish, and they support buyers and further upward movement. RSI line is moving up in the overbought zone, so we should be ready to see a short term correction.
The previous post for this coin was about a buying opportunity. That trade gave us a good profit. You can read more details about the long trade in this post.
What about new trade opportunities?
Now it is not a good idea to open a long position as the market has made a good upward movement. It will be better to wait for a pullback to the uptrend line and SMAs and open long positions using reversal signals. The best zone for buying now is at 18USD. It is a new support level, which is supported by the uptrend line as well.
The breakout below SMAs will give a trend reversal signal. So, we will have to place stop orders for long positions below the uptrend line and SMAs. If buyers continue developing the uptrend, the main profit target should be at 27USD resistance.
It is my trading plan for this market for the next week. If you have your own, you should follow it. If you don't like my trading ideas, please share your thoughts about it in comments. Don't forget to support your position with arguments.
If you like this trading idea, please support it by smashing the LIKE button. Your feedback keeps my motivation to write about different markets and trade opportunities.
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.
The previous post for this coin was about a buying opportunity. That trade gave us a good profit. You can read more details about the long trade in this post.
What about new trade opportunities?
Now it is not a good idea to open a long position as the market has made a good upward movement. It will be better to wait for a pullback to the uptrend line and SMAs and open long positions using reversal signals. The best zone for buying now is at 18USD. It is a new support level, which is supported by the uptrend line as well.
The breakout below SMAs will give a trend reversal signal. So, we will have to place stop orders for long positions below the uptrend line and SMAs. If buyers continue developing the uptrend, the main profit target should be at 27USD resistance.
It is my trading plan for this market for the next week. If you have your own, you should follow it. If you don't like my trading ideas, please share your thoughts about it in comments. Don't forget to support your position with arguments.
If you like this trading idea, please support it by smashing the LIKE button. Your feedback keeps my motivation to write about different markets and trade opportunities.
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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