Hello everyone,
What we have here is a continuation from my previous BNB analysis and after some ridiculous movements over the past 12 days, I have an updated analysis
=====================================
The overall picture:
1) Looks very bullish, the entire movement is still an ascending triangle.
2) There is a long rising trend line, well intact here.
3) We have support areas within green boxes and resistance areas within red boxes.
=====================================
What my analysis is:
1) We seem to be making a move to at least $15. I am going to be a buyer on sub-wave B in this grand movement from Large A to B. (Not shown or drawn)
2) This price area should be close to $13.00, but not lower than $12.80.
3) I'm taking partial profits at point B and will wait for Bearish signs or to be stopped out to go short. (Price not known yet.)
4) I'm buying back at around $13ish, near the trend line. (Which should be a retest of our new weak support from our previous Grand Move of A to B.)
5) Stop loss after the re-buy will be about 0.30-0.50 below the rising trend line.
=====================================
Alternate scenarios:
1) Poiint B ending past $16.30 will completely invalidates this pattern and suggest something entirely different.
2) Price selling below this strong daily candle, will likely form a descending triangle, with a probably end point at C.
I will especially buy and be bullish at point C if we reach it. The price is just around $10.50.
=====================================
Special considerations:
1) Take note of the BTC price. It can take BNB down quickly.
2) These scenarios do NOT take into account any big news releases. There is no way anyone can predict that, and it can and will invalidate the chart.
3) Time frames are not exact, it's really difficult to predict. The movement can still occur in a longer or shorter time frame. Just watch for the general formations.
My final disclaimer,
Anything that you have read here is not financial advice. Any trading is 100% your responsibility. In other words, you take on all the risk or loss and at the same time all the reward and profit. Please do your own research before trading and remember to never trade more than you can afford to burn for a yummy marshmallow bonfire :-)
-May BTC, reach Mars before Elon Musk.
What we have here is a continuation from my previous BNB analysis and after some ridiculous movements over the past 12 days, I have an updated analysis
=====================================
The overall picture:
1) Looks very bullish, the entire movement is still an ascending triangle.
2) There is a long rising trend line, well intact here.
3) We have support areas within green boxes and resistance areas within red boxes.
=====================================
What my analysis is:
1) We seem to be making a move to at least $15. I am going to be a buyer on sub-wave B in this grand movement from Large A to B. (Not shown or drawn)
2) This price area should be close to $13.00, but not lower than $12.80.
3) I'm taking partial profits at point B and will wait for Bearish signs or to be stopped out to go short. (Price not known yet.)
4) I'm buying back at around $13ish, near the trend line. (Which should be a retest of our new weak support from our previous Grand Move of A to B.)
5) Stop loss after the re-buy will be about 0.30-0.50 below the rising trend line.
=====================================
Alternate scenarios:
1) Poiint B ending past $16.30 will completely invalidates this pattern and suggest something entirely different.
2) Price selling below this strong daily candle, will likely form a descending triangle, with a probably end point at C.
I will especially buy and be bullish at point C if we reach it. The price is just around $10.50.
=====================================
Special considerations:
1) Take note of the BTC price. It can take BNB down quickly.
2) These scenarios do NOT take into account any big news releases. There is no way anyone can predict that, and it can and will invalidate the chart.
3) Time frames are not exact, it's really difficult to predict. The movement can still occur in a longer or shorter time frame. Just watch for the general formations.
My final disclaimer,
Anything that you have read here is not financial advice. Any trading is 100% your responsibility. In other words, you take on all the risk or loss and at the same time all the reward and profit. Please do your own research before trading and remember to never trade more than you can afford to burn for a yummy marshmallow bonfire :-)
-May BTC, reach Mars before Elon Musk.
Comment:
5th Wave going now! We hit wave D with a perfect bounce at the .618 FIB retracement. What happens at $15 will be interesting. Congrats on those that bought on yesterdays dip
5th Wave going now! We hit wave D with a perfect bounce at the .618 FIB retracement. What happens at $15 will be interesting. Congrats on those that bought on yesterdays dip
Trade closed: target reached:
First target hit, BAM! Target price of over $15 was reached briefly yesterday. Looks like a signal to go short might be produced soon. I'm eagerly awaiting on some long positions.
First target hit, BAM! Target price of over $15 was reached briefly yesterday. Looks like a signal to go short might be produced soon. I'm eagerly awaiting on some long positions.
Comment:
Update:
Wow what a ride! I was not expecting such a bullish move by BNB so soon, but I think what happened had to do with buy the rumor and sell the news. Binance had some type of meeting on the 6th and I believe that was the catalyst that caused some additional FOMO in our price action. What we have now:
1) We have completed 5 waves, pretty clear to me.
2) Now in ABC correction. Looking for a price minimum of just above $15 before ANY buying. (I will not buy anything before than.)
3) 5 Waves down is possible, looking for a rejection at $15.70 after correction ABC. Buy at around $14 is a must for me.
Also, beware any crazy BTC moves or news that may come out. This can really change the perspective ALOT.
*Also removed the potential bearish ABC. That was invalidated rather quickly.
Update:
Wow what a ride! I was not expecting such a bullish move by BNB so soon, but I think what happened had to do with buy the rumor and sell the news. Binance had some type of meeting on the 6th and I believe that was the catalyst that caused some additional FOMO in our price action. What we have now:
1) We have completed 5 waves, pretty clear to me.
2) Now in ABC correction. Looking for a price minimum of just above $15 before ANY buying. (I will not buy anything before than.)
3) 5 Waves down is possible, looking for a rejection at $15.70 after correction ABC. Buy at around $14 is a must for me.
Also, beware any crazy BTC moves or news that may come out. This can really change the perspective ALOT.
*Also removed the potential bearish ABC. That was invalidated rather quickly.
Comment:
Not sure what happened with that zoom in, but B is supposed to be around $17, not $16.60. Price shouldn't go higher than that. If we cross above $17, my analysis might change.
If this comes out looking weird, I guess it just happens sometimes...
Not sure what happened with that zoom in, but B is supposed to be around $17, not $16.60. Price shouldn't go higher than that. If we cross above $17, my analysis might change.
If this comes out looking weird, I guess it just happens sometimes...
Comment:
Excuse some of my previous sloppiness... Seems we are here a bit earlier than anticipated. Wave C of ABC correction. Looks like everything predicted was pretty solid.
Updated wave count. Looks decent.
Excuse some of my previous sloppiness... Seems we are here a bit earlier than anticipated. Wave C of ABC correction. Looks like everything predicted was pretty solid.
Updated wave count. Looks decent.
Trade closed: stop reached:
BTC having some crazy movements atm. I tried a long position yesterday just above $15, but got stopped out right away. Were not going to have a bounce according to these charts anymore. Closing this. Will open a new post when market conditions are less crazy.
*Correction* it's at the end of wave D that I will buy to catch wave E up. These are the 4H candles. Looks like it should happen tomorrow. Another move up will likely be silly, we just had an engulfing selling volume that ended on a doji. 4H stoch RSI also at the very top and has been for 2 days now. Likely a reversal is going to happen soon.
Summary: Wave D bearish impulse incoming.