Potential buy for $BNB.X at 50% Fibonacci Retracement
Updated
BNB has retraced to Fib 50% (Roughly $16.42) and looks to be building support. This could be an interesting long here with a stop below $16.42. I would feel more comfortable buying after it consolidates at this level a bit and that should clear out the deep wicks that will quickly eat stops. The chart is also showing a Bull Pennant which I have noticed in most of the Alt coins and they typically don't hold well so that should be kept in mind.
Buy (Aggressive play) after consolidation and confirmation of ability to hold 50% Fibonacci Retracement. Place stop below $16.42 based on your risk level and give enough room to avoid a quick stop out. Proper timing for consolidation would be once candles tighten and wicks aren't pulling $1 to $2 quick moves to the downside.
Alternative buy option (Safer play) would be to buy the break of the top of the flag pole (Wick ignored) at $22.60 ish as indicated by the Red resistance line on the chart.
Good Luck
Buy (Aggressive play) after consolidation and confirmation of ability to hold 50% Fibonacci Retracement. Place stop below $16.42 based on your risk level and give enough room to avoid a quick stop out. Proper timing for consolidation would be once candles tighten and wicks aren't pulling $1 to $2 quick moves to the downside.
Alternative buy option (Safer play) would be to buy the break of the top of the flag pole (Wick ignored) at $22.60 ish as indicated by the Red resistance line on the chart.
Good Luck
Trade active
Bought at $16.326Trade active
Target 1: $28.29Target 2: 35.89
Stop: $15.30
Trade closed: stop reached
Unfortunately my stop was reached last night on a dip but as we can see the trade is working well if you weren't dipped out.I also noticed I had Fib reversed. Not sure how I missed that, either way good luck all.
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