BNB │ LONG │ 05.11.2023

BNBUSDT.P

Comment
A great situation with BNB. The level's strong foundation on August 29, 2023, is clearly visible. The clear confirmation of the level on October 24, 2023, with the closing price almost at the level and reduced volatility on November 4, 2023, also clearly indicates the presence of a player in the market who placed a limit order at the price of 239.

When analyzing the trade, I ask myself the following question: "What happened that shouldn't have happened, and what didn't happen that should have happened?" In answering this question, I come to the conclusion that after a strong movement of the instrument, it should undergo a correction, which I do not see happening. Additionally, what strengthens my confidence in a future breakthrough is a very good consolidation with an approach to the level throughout the day. This is not a sudden price spike to the level but a slow and confident approach to the level. When the daily bar opens on November 5, 2023, we won't have to cover a long distance to reach the level because we will already be close to it. This means that there will be practically no resistance.

And this is exactly what happened.

Signals for level breakout

• bar/candles closure near the level;
  
• bar/candles closure near its high/low;
  
• the instrument gradually approaches the level;
  
• accumulation of energy for level breakout;
  
• a good approach to the level;
  
• consolidation near the level;
  
• decrease in trading volumes before the level;
  
• there is no reaction to a strong instrument movement;
  
• there is a reserve of calculated ATR;
  
• there is a reserve of technical ATR;
  

Signals against breaking the level

• distant level retest;
  

Order parameters (risk-to-reward ratio = 1 to 3/4/5)

1. Open: 239.15175;
   
2. Stop loss: 238.393;
   
3. Take profit:241.428/ 242.18675/ 242.9455;
   
   Disclaimer
   Every trader should make their trading decisions based on their own analysis and circumstances. The signals in this channel should be considered as an additional tool for your own consideration.
   
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