Hello Fellow Traders. This is Richard, as known as theSignalyst.
While many altcoins made lower lows the past couple of months, BGB stood strong above support.
on DAILY: Left Chart
BGB is stuck inside a range in the shape of a symmetrical triangle highlighted in red.
📈For the bulls to take over medium-term, we need a break above the upper red trendline, and then above the green resistance 0.225 for the bulls to take over from a long-term perspective.
Meanwhile, as we approach the lower red trendline and blue support, we will be looking for short-term buy setups.
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on H1: Right Chart
BGB is bearish short-term trading inside the orange channel.
📈ðŸ¹Trigger => for the bulls to take over, we need a break above the orange trendline and last major high in gray.
Meanwhile, until the buy is activated, BGB can still trade lower till the blue support and form a new major high before the bulls take over.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
