BNBBTC Golden Cross| Inside bars| Hidden Bullish Divergence
Evening Traders!
Today’s update will be on BNBBTC with an initial rejection from structural resistance, it is now resting on the 200 MA.
Points to consider,
- Trend putting in a lower high
- 200 MA as support (Golden Cross)
- Structural resistance as target
- Hidden bullish divergence
- Stochastics in lower regions
- Healthy volume profile
BNB is putting in a probable higher low after initial strong bear impulse, currently testing a critical trade location with inside bars.
The 200 MA is an importance level of support, currently being held with an official golden cross. Structural resistance is current target, a close above will be very bullish as this will put in a new higher high.
The RSI has a hidden bullish divergence as it puts in lower lows whilst price action puts in higher lows from yearly lows.
Stochastics is currently trading in the lower regions, crossing bullish, with lots of stored momentum to the upside.
The Volume profile looks healthy, strong bull volume nodes present. An impulse bull break of the daily inside bars will maintain further bull volume.
Overall in my opinion, BNB is likely to be supported here as the 200 MA is a key level. There are bullish signs in confluence; a retest of structural resistance is probable.
What are your thoughts?
Please leave a like and comment,
And remember,
“Confidence is not "I will profit on this trade." Confidence is "I will be fine if I don't profit from this trade.”
― Yvan Byeajee
Today’s update will be on BNBBTC with an initial rejection from structural resistance, it is now resting on the 200 MA.
Points to consider,
- Trend putting in a lower high
- 200 MA as support (Golden Cross)
- Structural resistance as target
- Hidden bullish divergence
- Stochastics in lower regions
- Healthy volume profile
BNB is putting in a probable higher low after initial strong bear impulse, currently testing a critical trade location with inside bars.
The 200 MA is an importance level of support, currently being held with an official golden cross. Structural resistance is current target, a close above will be very bullish as this will put in a new higher high.
The RSI has a hidden bullish divergence as it puts in lower lows whilst price action puts in higher lows from yearly lows.
Stochastics is currently trading in the lower regions, crossing bullish, with lots of stored momentum to the upside.
The Volume profile looks healthy, strong bull volume nodes present. An impulse bull break of the daily inside bars will maintain further bull volume.
Overall in my opinion, BNB is likely to be supported here as the 200 MA is a key level. There are bullish signs in confluence; a retest of structural resistance is probable.
What are your thoughts?
Please leave a like and comment,
And remember,
“Confidence is not "I will profit on this trade." Confidence is "I will be fine if I don't profit from this trade.”
― Yvan Byeajee