Do you wanna know how I'm gonna make up to 60% profit in the coming month? In this post, I will go through all bullish indicators that justifies a solid trade on this coin.
5 Reasons Why I'm Buying Binance Coins Now
Reason 1: Leading Diagonal Pattern
- Forming a first wave leading diagonal pattern.
- Can also be considered a rising wedge
- Will break down on the downside when 5 waves are completed
- Currently in the 4th wave.
Reason 2: Elliott Wave Count
- Looks like we're in the 5th impulse wave. A heavy correction will come after completion
- We're also in the 4th subwave within the bigger Elliott Wave Count.
- Only presenting the most probable count to not cause confusion. Will update you if it changes.
Reason 3: RSI & Trend Lines
- Price has bounced every time it touches the trend line on the bottom of the rising wedge pattern
- Price has also bounced every time RSI has touched the support areas in the yellow boxes.
Reason 4: Bullish Divergence
- Price is moving down while RSI strength is moving up
- Bullish divergence is usually a sign that a trend reversal is coming.
Reason 5: Coin Burn In A Couple Days
- This 5th reason is a fundamental indicator.
- Binance has a quarterly coin burn where they destroy a significant amount of BNB. This act minimise the supply of the asset which also should make it more valuable.
- Previous coin burns has resulted in big price jumps (the last one hardly affected the price)
How To Trade This Scenario
- I've been stacking up with many buy orders around the trend line.
- I've set a stop loss at around 4%
- This rising wedge could transform into a channel if it breaks the lower trend line, so make sure to stick to your stop losses.
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Disclaimer:
I'm not a financial advisor and these are only my opinions. I don't take any responsibility for any investments that you make based on my analysis.