BNB_Potential Rally towards $15.
Updated
Not gonna get too crazy here. I have an idea on why I think BNB can rally towards $15.00, and it really depends on news, overall market sentiment and believe it or not other alt coin volume trading.
Why I believe this can be a really towards $15:
1) Just had a huge engulfing candle on the 1D chart, with good volume.
2) $12 Area, (The blue box with the red bottom) is strong support.
3) BNB is still following this long yellow rising trend line since the beginning.
4) Just broke the falling wedge, the outlier here was the BNB coin burn, as Binance bought the coins and caused the price to spike themselves.
5) Weekly Stoch RSI just turned green.
6) BNB was highly oversold on the RSI
Other scenarios:
1) Continuation of drop as a result of H&S pattern forming due to $13-$14 resistance level.
2) Invalidation due to drop below the second ascending orange trend line.
For those that already have a position before this candle, congratz. Otherwise, I advise those that want to get in to wait until move 1 is complete and then plan to buy on a retracement. (wait for appropriate wick candle, volume and or validations)
Other thoughts
There is definitely a potential for a much larger move, either up or down. H&S could place the price all the way down to the lower support zone at $10. Good news, increased alt volume trading along with strong market sentiment can put this move as high as $18.
*Disclaimer, this is not financial advice. Any positions you choose to buy is 100% your responsibility. What I mean is that you take on all the financial risk as well as all the financial rewards.
-May BTC reach Mars before Elon Musk
Why I believe this can be a really towards $15:
1) Just had a huge engulfing candle on the 1D chart, with good volume.
2) $12 Area, (The blue box with the red bottom) is strong support.
3) BNB is still following this long yellow rising trend line since the beginning.
4) Just broke the falling wedge, the outlier here was the BNB coin burn, as Binance bought the coins and caused the price to spike themselves.
5) Weekly Stoch RSI just turned green.
6) BNB was highly oversold on the RSI
Other scenarios:
1) Continuation of drop as a result of H&S pattern forming due to $13-$14 resistance level.
2) Invalidation due to drop below the second ascending orange trend line.
For those that already have a position before this candle, congratz. Otherwise, I advise those that want to get in to wait until move 1 is complete and then plan to buy on a retracement. (wait for appropriate wick candle, volume and or validations)
Other thoughts
There is definitely a potential for a much larger move, either up or down. H&S could place the price all the way down to the lower support zone at $10. Good news, increased alt volume trading along with strong market sentiment can put this move as high as $18.
*Disclaimer, this is not financial advice. Any positions you choose to buy is 100% your responsibility. What I mean is that you take on all the financial risk as well as all the financial rewards.
-May BTC reach Mars before Elon Musk
Note
4H Candles for clarity, NOT log scale.
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The overall big picture.
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So far, The move turned out much stronger than I anticipated. We have a current resistance, a failure to break this would mean a retest of some support. Might not see a price lower than $12.90. This is getting interesting.
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Apologizes for the shoddy update earlier, I was very tired and put in a weak representation of resistance. This purple box is clearly the first resistance zone. What I have highlighted is 2 more waves finishing at $15. (Could be 123 or 12345).
But more importantly, I have drawn what can be the mother of all moves to come. This potential inverse H&S to retest $17 is possible here. Keep an eye out for the moves to come, remember to take profits along the way and not to let greed take the best of you.
With that said, hope everyone that is bullish on BNB is making nice profits :)
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These moves are crazy. Maybe, I should have been more wild with my predictions. HA! Anyway, what I'm seeing here is a clear breakthrough the 1st initial resistance level. 2nd Resistance level lasts till around $15.15. After that, a rally to $16 should be easy.
If a failure to break this resistance should occur, $13.80-$14.20 should act as a fair support zone. Any break below that $13.80 might change the targets, but not end this amazing start of a run.
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So far we are following the green path. Support zones were off by me by about 4-5%. Still following the trend, but for me personally, 5% is not okay for my standards. Weekend trading is always tricky... But that shouldn't be an excuse.
$13.50 support is decent for the following reasons:
1) 0.618 FIB retracement is here.
2) The 21 EMA on the Daily chart is here.
3) Previous wicks on the tops of candles (Clear resistance zones) are here and that was broken resistance.
There is a better chance for this are to be supportive. If not, than $13-13.20 might be it. I'm going to doubt the price drops out that hard, so I'm placing some buys in the 13.50ish range.
Good Luck everyone, apologies for slight inaccuracies.
PS> Watch the overall market cap and price of BTC. If market cap drops, you can bet that BNB will retrace a bit and without a stable BTC, investors might be afraid to push BNB higher.
Note
Nice initial bounce from $13.00
0.618 FIB on the Daily was actually at around $12.80, but I never try to time a buy right on it, as the price might be bought right above it. There were huge buy orders that came in right around that price yesterday. What happens now?
Gratz to those that got the better buy. Those that got the 13.50, should probably unload some of the position, as the risk is just too high. As such, I unloaded half at 13.80.
With that out of the way, I believe the only choice here is to wait with a stop loss. If this is a C wave on the Daily chart, there is a good chance that it should not retrace back to the .618 FIB.
Good Luck everyone :)
-New Target is $16.00
Note
Obviously we didn't hit $16.00, hope everyone that got in various places took profits or stopped some out. Right now this is looking super bad. on the 4H time frame a clear rejection to get back above into the yellow uptrend. I don't recommend opening any new positions, as the risk is very high right now.
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