BNB 220$ Is Next + trade Idea
• BNB is trading in a range for the past 29 days.
• Range high is 252$, the range low is 220$ and the mid-range is at 235.85$.
• On July 6th BNB dropped below the mid-range and it is currently testing it as resistance. A failure to get back above the mid-range may cause s drop to the range low, maybe lower.
• The only way that I see for BNB to avoid the 220$ is if the market rips higher from now without a correction.
• There are two wicks on the daily chart at the 220$ region. Because BNB failed to generate upwards momentum, I consider a move below these wicks to gather liquidity likely.
• Long term, I think we will look back at this moment as a golden opportunity.
Support Levels:
• 230$
• 220$
• 204$
Resistance Levels:
• 236$
• 252$
Trade Idea:
• Entry: 221$
• SL: 216$
• Target: 256$
• TP: 236$, 257$, Leave some on the table.
• R: R: 1:4 to the first TP.
• Range high is 252$, the range low is 220$ and the mid-range is at 235.85$.
• On July 6th BNB dropped below the mid-range and it is currently testing it as resistance. A failure to get back above the mid-range may cause s drop to the range low, maybe lower.
• The only way that I see for BNB to avoid the 220$ is if the market rips higher from now without a correction.
• There are two wicks on the daily chart at the 220$ region. Because BNB failed to generate upwards momentum, I consider a move below these wicks to gather liquidity likely.
• Long term, I think we will look back at this moment as a golden opportunity.
Support Levels:
• 230$
• 220$
• 204$
Resistance Levels:
• 236$
• 252$
Trade Idea:
• Entry: 221$
• SL: 216$
• Target: 256$
• TP: 236$, 257$, Leave some on the table.
• R: R: 1:4 to the first TP.
