The overall trend has been , but, there is a large potential for a broadening ascending ( formation.) The catalyst? The upcoming BNB coin burn. The entry point will be anywhere in this blue box , especially inside the descending green .
The set up:
Buy 1 = $12.10
Buy 2 = $11.80
Profits 1 - $13.20
Profits 2 - $14
Profits 3 - ???
With $12.10 buy : 1:83 and 1:3.1
With $11.80 buy : 1:4.67 and 1:7.33
I know it sounds crazy, but we have some indicators and support levels to support this:
1) The blatant large blue . This has acted as strong support in the past previous runs all the way upto $18.
2) The 1 day has reached a triple oversold position before reaching above the overbought, and currently sits in the oversold position.
3) The 1 day momentum shows a slight slowdown in sell pressure.
4) sell pressure appears to be lesser than when the price was at $14.50.
5) is very low, around 30ish?
Counter arguments to buying:
1) has been declining.
2) MA 100 and 7 cross.
3) MA 25 getting closer to closing below the MA 100.
4) The overall trend has been .
5) BTC uncertainty and crazy .
I've bought in the first buy zone and have a second one set up. I'm doing so because the R/R is VERY good here. I'm not saying that we will make a bull run and reach all time highs, but there is a very good chance of at least a temporary reversal here. With that said...
*Disclaimer, this is not financial advice. Any positions you choose to buy is 100% your responsibility. What I mean is that you take on all the financial risk as well as all the financial rewards.
-May BTC reach mars before Elon Musk
4H Photo for a clearer view. I don't use the log scale.
New Uptrend line identified that crosses the path of this support and SL perfectly! Even more reason for the SL to be right around that position.
Target#1 Hit, BAM! Hit that play button. Looks like the wedge is weakened greatly. Looking for a good continuation in the next couple of days. 21MA on 1 day chart might prove to be resistance.
Straight from Binance:
"Every quarter, we will use 20% of our profits to buy back BNB and destroy them, until we buy 50% of all the BNB (100MM) back. All buy-back transactions will be announced on the blockchain. We eventually will destroy 100MM BNB, leaving 100MM BNB remaining."
Missed the 2nd target, foolishly or bravely did not stop out of the rest of the position as the market was tumbling. No matter, I'm here for the gains and experience. With that said:
1) BNB has just finished 5 waves down after an ABC correction. If this is hold true, then technically, there is also a double bottom and the new rising supporting trend line. There is a fair chance of a bounce to at least $12.80 or even $13. This could end up being a multi impulse wave rally, leading to additional gains. >ABCDE, etc...
2) Bear scenario... MACD on the Daily can cross over. STOCH RSI on the daily is on the down. BTC is doing a crazy dance. Now if there is a cross below 11.50, I fear that BNB will reach $10 very quickly. This has not happened since April, but there is no reason that this cannot happen.
Beware the scenarios, may the trading odds be ever in your favor.
Conclusion: Fair buy for a long now with a stop loss at 11.49. Watch the BTC price.