Binance broke out recently of it's long-term channel recently and had a specular run. It's close the 200 Day Moving Average and over extended in the short-term. I'd short it here above 0.0018 for BTC with a target of 0.00165 to 0.0015. I think it could reasonably get there by the morning, but the longest I'd give it is 1-2 days. Like most of my trades, we take it a day at a time. But it's been a while I really liked a trade and this is one of them.
Trade closed: target reached
Scale out between 0.00172 to 0.00162. This trade took a bit longer to play out than I anticipated. Nevertheless still a good 10%, though had to sit through a bit of red. Ended up being a bit more flexible with the stop than usual because of the Cup and Handle pattern that was forming on BTCUSDT.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.