BNB_$18 or $12??
Updated
Taking a look at the 1 day BNB/USDT pairing I see a crucial point in BNB:
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1) Price broke below the symmetrical triangle (Bearish).
2) Price has failed to break $15 twice, that red line is now a resistance level.
3) Price is getting closer to the large white rising trend line.
Possible paths:
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Bullish
1) Price bounce along the rising trend line, this rising trend line has acted as support multiple times in the past. (NOT LOG Scale.)
2) There will be a BNB burn happening sometime in the next 2 weeks. (Supports the idea of a bullish catalyst.)
3) Strong support zone is here.
Bearish
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1) A break below the rising white trend line will be disastrous.
2) Price will likely sell quickly to retest the $12 support level. Good chance the price should bounce there, but that just means...
3) $14 will be a new resistance level.
Conclusion: Be aware of these scenarios. I say there is a much greater chance of $18 BNB. Going to go with 75/25. But just be aware of the possibilities. The idea is to go long at either $12 or after the bounce along the rising trend line.
*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
=====================================================
1) Price broke below the symmetrical triangle (Bearish).
2) Price has failed to break $15 twice, that red line is now a resistance level.
3) Price is getting closer to the large white rising trend line.
Possible paths:
=====================================================
Bullish
1) Price bounce along the rising trend line, this rising trend line has acted as support multiple times in the past. (NOT LOG Scale.)
2) There will be a BNB burn happening sometime in the next 2 weeks. (Supports the idea of a bullish catalyst.)
3) Strong support zone is here.
Bearish
=====================================================
1) A break below the rising white trend line will be disastrous.
2) Price will likely sell quickly to retest the $12 support level. Good chance the price should bounce there, but that just means...
3) $14 will be a new resistance level.
Conclusion: Be aware of these scenarios. I say there is a much greater chance of $18 BNB. Going to go with 75/25. But just be aware of the possibilities. The idea is to go long at either $12 or after the bounce along the rising trend line.
*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 shows a bit clearer. Good Luck Everyone!
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That move down to the rising channel was rather quick and violent. Update: Long wicks forming on the 30 minute candles. I'm long with a stop just below them and the rising support level. Good Luck to all BNB traders
Trade closed: stop reached
Update: Stopped out at 13.30. The bears are tooo strong. If BNB closes below the 99 EMA and the blue support zone, the price will reach $12 very quickly. In fact, with the way BTC is slipping, I imagine the probability has now shifted to 50%. This is not a favorable trade. I'm out until the price reaches $12 with support or there are clear bullish signs.
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Rising trend line now acting as a resistance. (4H candles) SMA 7 is also dangerously close to closing below SMA 99. This has not happened since early March and after this happened the price plummeted nearly 25%. Be very careful about HODLING here.
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Volatility has been a bit crazy. To those that made some profit on the bounce yesterday, gratz. Had my stop loss been a bit lower, I would have been in that boat, but it happens sometimes. Anyway here is the update:Rejected at the top of the support zone perfectly. Price is now corrected back to the 13.50 to 13.80 range. Daily candle looks awful at this point. The bearish cross of the 100 SMA/EMA is imminent. Nothing has changed. 50% chance of going down. Still out until there is a clear direction.
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I'm a bit surprised by how bullish the response was after $14, if even for the short term. What I've noticed is this slight resistance overhead. A break below to retest the support level and rising trend line is much more likely than going straight up. Will re-buy the position there with a stop at $13.
I think most investors are waiting to see if the 99MA closes above the 7MA. Also lower volume on weekends. Could have a potential break out tomorrow. Be vigilant!
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Got a position back, but the support area is much weaker than anticipated. This is looking extremely bearish. Strong rejection along that descending trend line.
On the 1 day, 100MA crossed above the 7MA.
On the 4H, 25 MA crossed above the 7MA again.
On the 2H, the positions from the top are 100MA, 25MA, 7MA.
I'm holding until the SL. If that breaks, I'm out, as there is a good chance BNB will do a full retrace to $12 and maybe even reach $10.
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There you have it folks! Market showing weakness and falling now. See you at that green support box. Red arrow path it is.Note
tradingview.com/chart/94FrUlJt/Descending Broadening wedge formation in play here. This is the 4H candles. All buys between the green are valid. I bought double the previous position size in this area.
This does not imply a bottom. It's possible to slip a bit lower, to even around $11.50, but I am in doubt that BNB alone will drop below that point. What I mean is that, if BTC and the rest of the market falls hard, it's possible for a drop to $10 or less. This is a risk I'm willing to take.
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