Set-up Update -BNB at Buy zone
Hi Traders,
I've been tracking the price action of BNB since before the last crash and have post multiple update for you folks. Given the price action as well as Thorchain Rune BEPswap going live, BNB has
gained a lot of traction.
I started our journey with BNB in this video:
and posted the following updates (the red and green text are the addition to each update)
It's important to follow along with the Price action not be blindsided by aggressive price movements!
As I mentioned in this previous chart, a test of this reversal action was required. Today, we see that test playing out: (this is the title chart)
We can see people sold off in fear once more, but strong absorptive demand came in to create that beautiful hammer bar and demand tail
The scoop below $21.3 level and it's buy back into the trading range is our signal for the next up swing.
Price could still play in the circled zone and create a spring.
If you'd like to play it safer you can wait till a break and test the first short term target, there will be more highs to come!
Our long term targets are still $29 and $31
If you liked my analysis or following through, please don't forget to give it a thumbs up! That'll let TradingView know my articles are helpful and make our community larger
As always traders please keep in mind that dealing in financial markets is a highly risky endeavor and may result in large losses. The content posted here are for educational purposes.
I'm here to help our community grow and find systems that we could all use for profit, but please keep in mind that I am not responsible for any losses that you may incur
I've been tracking the price action of BNB since before the last crash and have post multiple update for you folks. Given the price action as well as Thorchain Rune BEPswap going live, BNB has
gained a lot of traction.
I started our journey with BNB in this video:
and posted the following updates (the red and green text are the addition to each update)
It's important to follow along with the Price action not be blindsided by aggressive price movements!
As I mentioned in this previous chart, a test of this reversal action was required. Today, we see that test playing out: (this is the title chart)
We can see people sold off in fear once more, but strong absorptive demand came in to create that beautiful hammer bar and demand tail
The scoop below $21.3 level and it's buy back into the trading range is our signal for the next up swing.
Price could still play in the circled zone and create a spring.
If you'd like to play it safer you can wait till a break and test the first short term target, there will be more highs to come!
Our long term targets are still $29 and $31
If you liked my analysis or following through, please don't forget to give it a thumbs up! That'll let TradingView know my articles are helpful and make our community larger
As always traders please keep in mind that dealing in financial markets is a highly risky endeavor and may result in large losses. The content posted here are for educational purposes.
I'm here to help our community grow and find systems that we could all use for profit, but please keep in mind that I am not responsible for any losses that you may incur
Price tested the mid-level of the TR I drew for you and created a climactic type bear bar. If there's no follow through, it would mean that selling pressure is dying down BUT
the close of the bar is below the significant bullish reversal bar, which could mean that supply is eroding the demand and this upthrust might be failing. So we need to be cautious at this point.
we still could test and reverse up from 20.6 (the blue ribbon one level below).