After rapid bull (unsustainable) the trends slows down. It's positive for a longer bull market. Rapid upstream creates inevitably a lack of liquidity which in turn bring the market down.
Here we can see:
- resistance on 258 USD
- multiple supports all indicating uptrend at a slower place
Possible trade: entering on a break at 258 before end of November. Market...
Speculative opportunity at short term:
- BNB is on a bull channel
- Dropped today failing to pass $350 (expected as uptrend was exponential)
- Correction at $325 (support holding)
- Bollinger bend broken from the bottom
Buy opportunity at HKEX:330 or below:
- Long safe 'R1' at HKEX:345
- Long risky 'R6' at HKEX:365 (if $350 is broken)
Caution, BNB is...
BNB heavily subjected to news in the short term. The market is testing itself.
For any trade position, keep in mid 2 safety resistance:
- $317: week
- $290: strong
Testing the 337-345 has failed in the last couple of weeks. Yet we can see in the slow fall a potential bearish trend in line with the former push:
- If this trend is broken (green line) BNB would...
Contraction in triangle shape over the last few days channeled between $337 lower and $345 higher, with a 5 wave ascending pattern. If BNB breaks out the triangle over the $345, next targets are in the range of $360 and $450 resistance areas.
Continued though from the last posts (in French, not sorry) so you can trace my thinking and analysis forming 4 days ago.
Lots here, lots to say, let's breakdown. What if people got it wrong: Emotions may have made many want to see an unsustainable uptrend reboot via a triangle. Here is why I think they got this wrong, completely wrong, and the trick was not...
