Hello my friends!! How are you guys doing there? 😄
Its LJ here giving you my opinions about the market.
It is time for our daily price and chart analysis of interesting Cryptos that are moving out there. 😄
For this segment, I would like to discuss Binance Coin or BNB against BTC.
This chart is in the daily timeframe BNB/BTC.
This is very interesting to look at because as we can see, the Double bottom pattern is already formed and this is a very good indication and good chance that it is the final bottom.
We can also see that the downward trend line (white broken line) is already broken by the price.
We can also see that the volume of transactions is already picking up while the price is going up so it means that more and more buyers are coming in to participate.
It would also be very good if the price would retest the 0.00185 area resistance turned support and holds.
Overall, I think that Binance is also a great platform and their can also have a lot of potential but we must always be aware that if we plan to invest or trade anything, we should really prioritize our risk management.
That means having a plan and limiting our risk to what we can give.
As always, have a safe investing or trading journey guys.
Stay healthy and live a good life. 😄
Cheers!! 😄
See you on our next charting session.