Evening Traders,
Today’s Analysis – BNBBTC- establishing a double bottom and respecting its 21 MA, daily resistance will be the immediate target when price breaks range.
Points to consider,
- Dynamic resistance breached
- Strong support confluence (Retest area)
- 200 MA current resistance
- Oscillators above 50
- Volume below average
- .618 Fibonacci long entry
BNBBTC has breached its dynamic resistance with a valid retest. This retest had multiple technical confluences, proving to be a strong support with a bull impulse move.
Current local resistance is the 200 MA, BNBBTC needs to establish this as support for further upside momentum.
Oscillators both are above 50, signalling bullish bias in the immediate market, this is likely to remain as long as price is in the upper range.
Volume is below average, BNBBTC needs increasing bull volume when breaking key levels, this helps avoid false breaks.
Overall, in my opinion, a retest and hold of the .618 Fibonacci will allow for a valid long with defined risk. Price leaving the range will make the immediate target daily resistance, this will change the overall market structure.
What are your thoughts?
Please leave a like and comment,
And remember,
“The obvious rarely happens, the unexpected constantly occurs.” – Jesse Livermore
Today’s Analysis – BNBBTC- establishing a double bottom and respecting its 21 MA, daily resistance will be the immediate target when price breaks range.
Points to consider,
- Dynamic resistance breached
- Strong support confluence (Retest area)
- 200 MA current resistance
- Oscillators above 50
- Volume below average
- .618 Fibonacci long entry
BNBBTC has breached its dynamic resistance with a valid retest. This retest had multiple technical confluences, proving to be a strong support with a bull impulse move.
Current local resistance is the 200 MA, BNBBTC needs to establish this as support for further upside momentum.
Oscillators both are above 50, signalling bullish bias in the immediate market, this is likely to remain as long as price is in the upper range.
Volume is below average, BNBBTC needs increasing bull volume when breaking key levels, this helps avoid false breaks.
Overall, in my opinion, a retest and hold of the .618 Fibonacci will allow for a valid long with defined risk. Price leaving the range will make the immediate target daily resistance, this will change the overall market structure.
What are your thoughts?
Please leave a like and comment,
And remember,
“The obvious rarely happens, the unexpected constantly occurs.” – Jesse Livermore
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.