BNB Entered Into Its Buying Zone (A Good Buying Opportunity)
The Back Ground and Psychological Support Zone
BNB broke its psychological resistance level of 140$ on Feb 17, 21, and after that, in the next few days, we witnessed the biggest move, which was backed by the biggest volume that BB ever witnessed in a day. It was the day of Feb 19, 21. The candle started from 193$ and made a high of 353 which was the biggest move; the volume traded on that day was maximum, the market never witnessed that volume after that day. That candle provides two strong levels, both on the support side now. Price remained hesitant to establish inside the first zone and was rejected two times.
Point:
Pay Attention
Keep a close eye on the BTC level of $30K (which is the only threat for this trading idea); there are fewer chances that BTC will break below this level, but if it wisely broke this support zone, then this BNB Trading Idea will become invalid. So observe price action in the support zone keenly, and on a rejection, get in and hold it for the next two quarters or the first TP $600.
Risk / Reward and Holding Period
Any move below 320$ will be short-lived; the price will retract quickly above 320$, While on the flip side, Instead of Stop Loss, I recommend DCA at $220. TP1 is 600$ (Achievable till Jun 30 2022) while TP2 is 1000$ (For 2022)
It is not financial advice; always do your research.
Please, feel free to ask your question; write it in the comments below, and I will answer.
BNB broke its psychological resistance level of 140$ on Feb 17, 21, and after that, in the next few days, we witnessed the biggest move, which was backed by the biggest volume that BB ever witnessed in a day. It was the day of Feb 19, 21. The candle started from 193$ and made a high of 353 which was the biggest move; the volume traded on that day was maximum, the market never witnessed that volume after that day. That candle provides two strong levels, both on the support side now. Price remained hesitant to establish inside the first zone and was rejected two times.
Point:
- Historically seeing the support zone is well established.
- A good demand lies in this support zone.
- RSI is trending lower from Nov 21, 2021, and has visited the oversold zone two times, currently witnessing divergence.
- Finally, it lost 50% from its high 667 and now facing strong support.
Pay Attention
Keep a close eye on the BTC level of $30K (which is the only threat for this trading idea); there are fewer chances that BTC will break below this level, but if it wisely broke this support zone, then this BNB Trading Idea will become invalid. So observe price action in the support zone keenly, and on a rejection, get in and hold it for the next two quarters or the first TP $600.
Risk / Reward and Holding Period
Any move below 320$ will be short-lived; the price will retract quickly above 320$, While on the flip side, Instead of Stop Loss, I recommend DCA at $220. TP1 is 600$ (Achievable till Jun 30 2022) while TP2 is 1000$ (For 2022)
It is not financial advice; always do your research.
Please, feel free to ask your question; write it in the comments below, and I will answer.