Binance Coin – How to Trade If You Missed The Trend
Binance Coin / TetherUS BINANCE:BNBUSDT
The market made a good upward movement which gave several interesting buy signals based on breakouts above SMA100, SMA200 and the reversals from the uptrend line. If you used these buy opportunities, you must be in good profit now. You have a choice to fix the profit or leave it for the long run. If you are a long term trader, the current levels can be used for fixing the part of the profit as the market reached the previous high and it’s a resistance zone . It’s possible to fix the part of the profit and leave the rest for the long run. A new retracement can be used for buying.
If you are a medium-term trader and you are in profit, it’s possible to fix the whole profit and wait for a correction for opening a new buy position. The price is at the resistance level and we don’t know will the market break it or bounce from this level? So, it’s time to think about what to do with opened positions.
For those who skipped this upward movement, it’s better to wait for a new correction and buy based on reversal signals from 17.00, 14.00, 10.00 support levels or use SMA50, SMA100, and SMA200.
Buying now, when we have to use the current levels, it’s not a smart idea. The market is not far from the ATH at the zone between 22.00-24.00 levels. It is rather strong resistance and it can stop the upward movement. The price can bounce from 20.00 or 24.00 resistance levels and move downward. It won’t give you an opportunity to make a profit but it will give you a drawdown. That’s why we have to wait for a correction movement in the uptrend with further reversals from the support lines or levels. It will give us a new good buy opportunity.
P.S. If you want to become a professional trader and succeed in the financial markets, you should read these 3 articles:
They will help you to move in the right direction and protect your capital.
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Source: TW DLavrov