Thus is a repost of previous task
Hello everyone!
This is my third trade this week. I am going to analyze BNB token and I will be doing Future Trading and will share all information about this token.
Introduction of the token and the exchange in which I am trading.
Binance coin (BNB) is an official currency of Binance Exchange. It is used to pay fees on Binance Exchange and We all know that Binance is the world most popular exchange and is used by users all over the world.
BNB coin can also be work as the mode of payment in paying through Credit Cards in some websites.
Users on Binance Exchange can do various things to earn rewards like Staking and Lending on it's own platform. It's price has increased a lot in recent year and It has a great Market capitalisation.
We can trade BNB coin on many exchanges including Binance, Huobi Pro, Coinex, Kucoin and many more.
Why am I optimistic about this token today, and how long do I think it can rise?
Actually, I am optimistic about this token as It is a native cryptocurrency of an exchange which is world's most popular cryptocurrency exchange and has millions of users worldwide.
It's price has gained a lot of rise in recent year and hence, It gained popularity and It has now a huge market cap.
We can use it to pay transaction fees on Binance Exchange and also on some other websites. We can trade other coins in BNB pair on Binance Exchange to avoid more transaction fees.
Let's talk about it's Statistics-
According to Coinmarketcap, Binance coin (BNB) has a total of $67.53 Billion market cap. It has a Circulating supply of 165.12 Million.
In recent month, It has touched an All time high of $690.93 It is currently ranked #4 on Coinmarketcap.
How to trade this token
As always, I will be usingHeikin Ashi Candlestick Chart Pattern as It is easy to read as It removes noise from the chart. And I will be using some Indicators to find the signal for my trade.
First of all, I have marked two support levels and one resistance level on the chart and these key level helps us in predict price reversals.
As you can see from the above image, I have marked two support levels and one resistance level on the chart. I have used TRIMA Indicator on the chart as It is a better version of MA Indicator.
I have also used Parabolic Sar Indicator and You can see that Dots of Sar are above the price which is a sign of downtrend. And TRIMA Indicator is also above the price which is a sign of downtrend.
After that, I have used RSI Indicator on the chart and You can see that RSI has just tested the Overbought region which confirms my signal and hence, I have marked my entry point at that point for short position.
I have opened a short position at that price with 5x leverage on Binance Exchange. Here are my trade details-
I have also set my take profit level and stop loss level on this trade.
My Plan to hold it for a long time or When to Sell?
Well, I am willing to hold it for a long time as It is a strong project and is a official cryptocurrency of world's most popular exchange.
I believe It will perform well in future. So, It can give good return in future. I am also holding it for a long time and I am also doing scalp trading according to proper opportunities.
I will sell some part at proper opportunity in my scalp trading and I have also some part of my portfolio as BNB coin.
Do you recommend everyone to buy? and the reasons for recommending/not recommending.
Yes, I can recommend everyone to buy this coin as It is a very strong project and I believe It's holders will enjoy a good profit in future.
It's usecases are beneficial for it's users. It's market capitalisation is also increasing regularly and I believe It will perform good in future.
I also recommend everyone to do your own research before investing in any coin as doing own analysis will help you a lot.
Other Information about the Token.
I can provide some of the social media handles of this project as It will help you in getting it's latest updates.
Above is the telegram group of BNB coin from where We can get it's latest updates from pinned messages and We can also discuss about this coin with group members and We can connect to it's admins.
Above is the twitter account of this coin from which we can get access to it's latest tweets and replies.
You can also check it's official site.
Cc:-
@nane15
@steemcurator02