Today’s update will be on BNBBTC which is testing key structural resistance, a retest of the 200 MA is likely if BNB starts a pullback.
Points to consider,
- Structural resistance in confluence with .236 Fibonacci
- 200 daily moving average broken convincingly
- RSI trading in upper regions
- Stochastics in upper regions
- Volume clearly increasing
BNB has a major structural resistance to break in order the put in a macro higher high, it is currently being tested with the initial pump.
The 200 daily moving averages is a key level that BNB broke, a retest is likely and will serve as a good entry point.
RSI is currently trading in overbought conditions; a correction back to neutral territory is probable before another leg up.
The Stochastics is also trading in the upper regions, important to note that there is lots of stored momentum to the downside.
Volume is clearly increasing, healthy sign for the bulls and must sustain for continued follow through.
Overall, in my opinion, BNBBTC is at a critical point, keeping a clear bias a correction is likely from this structural resistance. A retest of the 200 daily moving averages will be healthy for a bullish continuation.
What are your thoughts?
Please leave a like and comment,
And remember,
“The mind is a fascinating instrument that can make or break you.”
― yvan Byeajee
Points to consider,
- Structural resistance in confluence with .236 Fibonacci
- 200 daily moving average broken convincingly
- RSI trading in upper regions
- Stochastics in upper regions
- Volume clearly increasing
BNB has a major structural resistance to break in order the put in a macro higher high, it is currently being tested with the initial pump.
The 200 daily moving averages is a key level that BNB broke, a retest is likely and will serve as a good entry point.
RSI is currently trading in overbought conditions; a correction back to neutral territory is probable before another leg up.
The Stochastics is also trading in the upper regions, important to note that there is lots of stored momentum to the downside.
Volume is clearly increasing, healthy sign for the bulls and must sustain for continued follow through.
Overall, in my opinion, BNBBTC is at a critical point, keeping a clear bias a correction is likely from this structural resistance. A retest of the 200 daily moving averages will be healthy for a bullish continuation.
What are your thoughts?
Please leave a like and comment,
And remember,
“The mind is a fascinating instrument that can make or break you.”
― yvan Byeajee
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Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
partner.blofin.com/d/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
partner.blofin.com/d/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.