Jack's Trading Classroom | Layout after the conditions for buying BNB Binance Coin are met

Currently, we are looking at the four-hour candlestick chart of BNBPERP. Binance Coin formed a high point at 638.05 on April 12, 2020. It is showing a short-term triangular convergence pattern on the chart, with the overall trend still favoring the bulls.

What we can focus on is the four-hour earlier retest of the EMA144 169 support moving average channel, and the fact that the K-bar's solid body closed higher than the EMA12 above the moving average channel before the EMA12 filter line crossed below, making the buying condition objectively established.

• Entry point 526.40
• The stop-loss point should be set at 447.0975

Therefore, we can determine that there is a high probability that Binance Coin will break upwards in this symmetrical triangle convergence.

Next, let's zoom in on the chart:

In the chart, we can see Binance Coin retesting the Fibonacci sequence 50 support at 430.0250, thus determining the bullish targets above:

• Fibonacci resistance range 127.2-138.2 751.2150-796.9800
• Second bullish target Fibonacci sequence 150 846.0750

In recent days, the digital currency market has experienced large fluctuations, and it is recommended that operators strictly implement risk control and avoid high leverage and high contract volume operations to prevent additional losses caused by volatile market conditions. This article represents personal opinions, please read with caution, as cryptocurrency trading may carry risks to your capital.

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