BNB was trading for awhile in a bullish channel but in the past couple weeks broke out of the bottom trend line. I like to look at this coin because unlike 99% of the crypto alt coins, has volatility that lends itself well to swing trades, and it does not always follow what BTC does. Looking at the chart you will see that at least 5 major times in the past 3 months, BNB has bounced off of the $11.70 area. It is clearly an area of support. We also have an upper descending trend line with a few EMAs serving as potential confluence of resistance above BNB right now. So what I will be looking at in the coming days is a retest of that $11.70 with the EMA 200 below as a support. I am still deciding on whether it would be worth the risk to enter a swing trade, if we get a bullish candlestick setup off the support, given that there is obvious resistance to breakthrough nearby with the EMA and upper trend line.
Comment:
Looks like we have a bounce off this support with an inside bar forming. I will be looking for a setup here and if it is worth it w resistance above