Binance coin (BNB: available on Binance.com) is rising again and this could be a really good opportunity. If we buy it in the right time, BNB can make us 50% profit.
Let’s see what we have on the daily BNB/BTC chart.
After a period of decline, BNB found the support at 25,000 satoshis where it formed the double bottom. As you know double bottom is very strong reversal pattern, so we can expect BNB to go up from here.
Indeed, price is pushed up today with a lot of force and big, green bar is formed. That is another bullish signal. Chances are that BNB/BTC will continue up, but we have to be patient and to play it right.
So, how to trade BNB/BTC?
To enter the trade we need a confirmation first. We’ll have it if Binance coin cross the resistance line at 31,000 satoshis and stay above it for some time. Preferably, we want price to cross 31,000, stay above it and then drop a little (but to stay above 31,000) – that would be the perfect moment to buy.
First target should be near 38,000 satoshis and the second target should be on the previous high at 45,000 satoshis.
If we manage to buy at 31,000 and to sell at 45,000 that would be almost 50% profit.
BNB represents the native token of Binance.com exchange and you can trade it there. Binance is more and more popular and many traders are moving their funds to it, so it have bright future. All these things makes BNB a very good investment.
If you want to receive more cryptocurrency trading ideas, please join my Telegram Channel.