BNB Profit Taking Levels & Retracement Levels To Look For
Just some quick analysis on
BNBUSD
BNBUSDC
BNBUSDT
Seems to me like a pretty damn good location to start offloading some of your position.
- Coming in to multiple key profit taking levels. I.E. ABCD objectives, range extension reversal zones.
- Markets generally don't move in a straight line for long periods of time.
- Overbought / parabolic market.
- Waaaay above value based on real volume distribution. Real 'value' for this asset isn't until about $10.92 which lines up nice with a 78.6% retracement relative to the previous cycle's trough.
Not financial advice, but obviously if you're looking to make money in a market like this you really can't justify coming in and buying BNB right now. To me this looks like the end of the move more than the beginning of the move.
I'm NOT saying this is the top of the market. Not saying that at all. We could easily go higher. I'm just saying we're clearly in a parabolic market and coming in to levels where a lot of smart positions traders are selling.
If/when the market moves higher we'll need to readjust our fib levels to paint our Key Reversal Zones (green boxes) a bit larger and a bit higher.
Just my two cents. This isn't a trade setup. Just wanted to point this out on the BNB chart because its price action is quite different than all the other assets in the space.
Want to learn the basics of technical analysis, risk management, setups, and the fundamental principles of profitable trading? Check out our Level 1 course. Giving it away for free right now for Tradingview users to beta test over the next few weeks. Over 20 hours worth of content, brings you from the ground up and gets you analyzing charts like smart money.
Use discount code 'Tradingview' - learn more and get a free course preview here https://education.truebinary.io/courses/Level1
Cheers,
FromTheEth
BNBUSD
BNBUSDC
BNBUSDT
Seems to me like a pretty damn good location to start offloading some of your position.
- Coming in to multiple key profit taking levels. I.E. ABCD objectives, range extension reversal zones.
- Markets generally don't move in a straight line for long periods of time.
- Overbought / parabolic market.
- Waaaay above value based on real volume distribution. Real 'value' for this asset isn't until about $10.92 which lines up nice with a 78.6% retracement relative to the previous cycle's trough.
Not financial advice, but obviously if you're looking to make money in a market like this you really can't justify coming in and buying BNB right now. To me this looks like the end of the move more than the beginning of the move.
I'm NOT saying this is the top of the market. Not saying that at all. We could easily go higher. I'm just saying we're clearly in a parabolic market and coming in to levels where a lot of smart positions traders are selling.
If/when the market moves higher we'll need to readjust our fib levels to paint our Key Reversal Zones (green boxes) a bit larger and a bit higher.
Just my two cents. This isn't a trade setup. Just wanted to point this out on the BNB chart because its price action is quite different than all the other assets in the space.
Want to learn the basics of technical analysis, risk management, setups, and the fundamental principles of profitable trading? Check out our Level 1 course. Giving it away for free right now for Tradingview users to beta test over the next few weeks. Over 20 hours worth of content, brings you from the ground up and gets you analyzing charts like smart money.
Use discount code 'Tradingview' - learn more and get a free course preview here https://education.truebinary.io/courses/Level1
Cheers,
FromTheEth