$BONK new setup. What do we know?
SEED_DONKEYDAN_MARKET_CAP:BONK is related to $SOL. If CRYPTOCAP:SOL dumps, SEED_DONKEYDAN_MARKET_CAP:BONK dumps as well; if CRYPTOCAP:SOL pumps, SEED_DONKEYDAN_MARKET_CAP:BONK
pumps. SEED_DONKEYDAN_MARKET_CAP:BONK has entered the resistance zone and stopped its freefall.
The FOMC meeting on Wednesday has a high probability of announcing positive news about interest rates. Since the BCE, Bank of Canada, and other central banks have lowered their interest rates, the FED is likely to do the same in the short term.
The RSI on 1H is low, indicating that SEED_DONKEYDAN_MARKET_CAP:BONK is underbought.
The CMF shows strength above 0. This means that more money and buyers are coming in.
SEED_DONKEYDAN_MARKET_CAP:BONK is one of the top meme coin with listing in all biggest CED like Binance and Coinbase..
The S&P 500 had a pullback, which could have negatively affected the price of $BTC.
The dollar is going higher, which can also negatively affect the price of $BTC.
Conclusion
Taking all this information into account, we are in a precarious situation, but if
CRYPTOCAP:BTC does not crash further, I think we are close to the bottom for $BONK. A possible dump to $0.00002500 is still possible but with low probability. Considering that this coin can do a +40% in 4 hours, I am buying long.
Here is my personal trading plan. I take the risk; DYOR and be sure to double-check before following. If you find something wrong, please leave a comment.
Buy: between $0.00002500 and $0.00002800
Take Profit (TP) at Fibonacci levels:
TP 1: $0.00002927
TP 2: $0.00003254
TP 3: $0.00003483
TP 4: $0.00003997
TP 5 to the moon: $0.00004456
Final reminder: this is my personal trading plan. External events can invalidate it, such as CRYPTOCAP:BTC dumping, CRYPTOCAP:SOL dumping, or any bad news, a war, a black swan event, etc. Do not blame me if you lose money following my plan; we are in the same boat, and I will lose too!
Enjoy riding this crazy coin. Big risks mean big rewards.
Do not use leverage with meme coins.