After some brief consolidation after a remarkable bull run, we are presented with yet another potential breakout.
Other bullish indicators on the 2 hour chart:
-MACD beautiful upwards swooping motion after long descent -above 100 day moving average -Engulfing ichimoku cloud -RSI plenty of upward potential
Have indicated approximate potential targets.
As always, pay attention to the market and take profits when presented, as BTC's wild fluctuations can crash any plans at any given instant.
Good luck and happy trading.
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Apologize for the potential scaling issues. Here's a better look:
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Got our beautiful breakout as expected.
Hoping for a run similar to the one a few days ago. Buy volume looking very healthy. As Binance's userbase continues to expand at an alarming rate, I expect the coin to continue upward growth in the coming weeks/months.
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Unfortunately a few things happened last night while I was asleep that hindered our progress.
1) Binance announced a 40 million USD coin burn. On the surface, that would tend to indicate more rarity and a price surge, when in fact it caused a massive selloff spike. I do not understand the dynamics behind this, but if anyone else has any insight I would be glad to hear it.
2) BTC (as always seems the case these days) started a mini bull rally above 14k. It's frustrating. It really is. But this is exactly why I emphasize in all my posts to take profits when you see them, because BTC is currently in a yo-yo cycle and continues to tug at heart strings and wallets.
I highly urge any day traders to keep a BTC ticker update on your desktop at all times, because things can turn sour in an instant in the alt world.
Again, all the TA and fundamentals in the world only get you so far in this crypto game. Be vigilant, be patient, and always set stop losses in case things turn rotten.
Unsure how I feel about this trade right now as it's hard to gauge interest with the entire alt market kind of stagnant. Price rebounded from 13xxx and is now hovering in the low 14xxx's. I shall leave it up to your better judgement. But as for me, I am out of alts until I get a better picture.
I had my buy order at 133... I cancelled it and bought at 157 thinking the run has started ... but... It seems like nope ...
ninjacookies
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@hamidikia.ali, Sorry to hear, those two events I outlined above had some unforeseen consequences.
BitPersia
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@ninjacookies, How lower is this gonna go? I did the stupidest move ever... I sold my NEO at 100k before it goes to 140 and with that I've bought bnb... Do you think it is going to reverse from this 13k level? I am a noob trader so I didn't have any stop-losses. ...
ninjacookies
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@hamidikia.ali, It's impossible to gauge bottoms with the way BTC is tanking right now and causing the entire alt market to crash. But keep in mind basically almost every alt except for a handful are in the midst of tanking, so BNB is not alone.
Next 'major' support is around 11k. If I extend the triangle line downwards, it appears it's bouncing off it on the way down. It's up to you at this point, but if you're in at 15.7k I'd probably start thinking about setting a stop loss if it dips much below 13k. But I believe all alts will eventually rebound in a day or two as they always do. So patience is usually the key when these crashes happen.
ThomasGriffTorh
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that BTC dip activated stop loss ;(
ninjacookies
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@ThomasGriffTorh, :( BTC is frustrating these days...just when you have the perfect setup on your alt analysis...BTC stands up and says 'nope'....