BNB ready for a healthy pullback?
Updated
Current Style of Trading: 4hr/Daily/Weekly Swings.
Sentiment:
Longterm: Bullish
Short-term: Bearish
(I do believe BNB will not fall to a yearly lower low given it currently sits well above it at over 200%, needless to say this can change and so will my sentiment if markets show me otherwise.
Observations:
Last weekly higher low at $5.94
RSI levels Oversold (weekly).
Declining bull volume for the past 3 weeks.
Topped out at previous strong resistance 17.50 level.
BNB has been running strong for the past 13 to 14 weeks establishing a strong weekly uptrend, but the odds seem to favor a healthy pullback in the upcoming weeks to establish a new weekly higher low compare to $5.94
Possible pull back target:
EMA 12 & or 26: It would not surprise me to see BNB at the very least retest the weekly EMA's allowing the RSI levels to cool off opening the doors to a break above 17.50 Also is worth noting the 50SMA a the time or writing is literally right above the EMA 26 making it even a stronger support in my opinion.
I favor a pull back or at least a period of sideways trading taking in consideration the insane move BNB has had in the past 2 months or so, per technical analysis we know that a healthy pullback is needed to see continuation, having said that BNB can easily skyrocket in the event of extremely bullish news so please take this into consideration. (I am simply stating the most likely scenario in my opinion)
My thoughts:
keep in mind I'm not expecting BNB to drop a whopping 40% to meet the EMAs where they're currently located, to get a better picture we will need to pay attention at the Daily, 4hr and 1hr charts to find clues where the possible bottom of the pull back might be at.
I will be patiently waiting for this pull back and oversold levels to make an entry, depending on the volume behind the bounce I will sit on my trade for several days or weeks, walking my stop loss along the way.
Disclosure:
Please keep in mind that this are simply my ideas on the market, I am in no way shape or form qualified to give anyone any financial advise. All I'm looking for is to become a better trader with time and the only way too do this is to post what I am looking at and take criticism from those of you that been doing this for a very long time, having said that please feel free to call me out on BINANCE:BNBUSDT BINANCE:BNBUSDT any mistakes, or incorrect analysis the best way to learn is from each other as a community.
Happy trading to all of you!!
Sentiment:
Longterm: Bullish
Short-term: Bearish
(I do believe BNB will not fall to a yearly lower low given it currently sits well above it at over 200%, needless to say this can change and so will my sentiment if markets show me otherwise.
Observations:
Last weekly higher low at $5.94
RSI levels Oversold (weekly).
Declining bull volume for the past 3 weeks.
Topped out at previous strong resistance 17.50 level.
BNB has been running strong for the past 13 to 14 weeks establishing a strong weekly uptrend, but the odds seem to favor a healthy pullback in the upcoming weeks to establish a new weekly higher low compare to $5.94
Possible pull back target:
EMA 12 & or 26: It would not surprise me to see BNB at the very least retest the weekly EMA's allowing the RSI levels to cool off opening the doors to a break above 17.50 Also is worth noting the 50SMA a the time or writing is literally right above the EMA 26 making it even a stronger support in my opinion.
I favor a pull back or at least a period of sideways trading taking in consideration the insane move BNB has had in the past 2 months or so, per technical analysis we know that a healthy pullback is needed to see continuation, having said that BNB can easily skyrocket in the event of extremely bullish news so please take this into consideration. (I am simply stating the most likely scenario in my opinion)
My thoughts:
keep in mind I'm not expecting BNB to drop a whopping 40% to meet the EMAs where they're currently located, to get a better picture we will need to pay attention at the Daily, 4hr and 1hr charts to find clues where the possible bottom of the pull back might be at.
I will be patiently waiting for this pull back and oversold levels to make an entry, depending on the volume behind the bounce I will sit on my trade for several days or weeks, walking my stop loss along the way.
Disclosure:
Please keep in mind that this are simply my ideas on the market, I am in no way shape or form qualified to give anyone any financial advise. All I'm looking for is to become a better trader with time and the only way too do this is to post what I am looking at and take criticism from those of you that been doing this for a very long time, having said that please feel free to call me out on BINANCE:BNBUSDT BINANCE:BNBUSDT any mistakes, or incorrect analysis the best way to learn is from each other as a community.
Happy trading to all of you!!
Note
03/27 Observations:Weekly:
Possible hanging man candle signaling a market reversal or sideway trading on weeks ahead. Note: The week is young, so please keep that in mind in regards the hanging man, it can quickly be invalidated in the following days.
RSI might be giving us early signal on the future pullback.
Daily:
Uptrend still intact, Ema's acting as immediate support.
RSI levels still in the high 60s, Bulls buying the dips close to EMA 12. But volume levels remain low.
A break above $17.51 will allow us to call $15.53 the new daily higher low keeping the bulls in control, if that were to happen the weekly chart will avoid consolidation for now, but in my opinion that is the least likely scenario.
I believe that the odds still favor the bears on a weekly pullback.
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