BNB First Target Achieved; Nearing Main Entry Point
Hi Traders and thank you for joining another one of my Set-up Updates. My Name is Shayan and I'm a Wyckoff trader
BNBUSDT
has been outperforming the market because of Thorchain Chaosnet and we've been following its price action since Sep 2nd.
You can take a look at the below analysis to get caught up!
Make sure you are up to date with the price action (PA) so that you don't get blind-sighted by aggressive moves!
in our new chart, we can see that swing number 1 with a high at 25.7 created a new trading range, with the automatic reaction (AR) and secondary test of the buying climax (ST)
On the Bullish side:
If in the next day price manages to break above the resistance and close above the swing, we're likely to have an acceleration followed by a sharp correction,
Otherwise, price is more likely to remain range-bound between $25.5 - $23
As always, I don't recommend buying on the break-out since there's usually going to be a test of the same level. That would be our Entry #2.
If you haven't opened a position around the Buy Zone (above), the pullback would be a better entry. Make sure to hit the Follow button to stay up to date :)
On the bearish side: It's always beneficial to consider all possibilities
The price will have to accelerate to the downside + make a decisive close below 23 in short term bearish. But if you're in positions the logical stops are the invalidation levels that I've outlined.
If you liked my analysis or are following through, please don't forget to give it a thumbs up! That'll let TradingView know my articles are helpful and make our community larger
I would also love to hear your feedback! let me know what you like and dislike about my analysis and you'd like to see next :)
BNBUSDT
has been outperforming the market because of Thorchain Chaosnet and we've been following its price action since Sep 2nd. You can take a look at the below analysis to get caught up!
Make sure you are up to date with the price action (PA) so that you don't get blind-sighted by aggressive moves!
in our new chart, we can see that swing number 1 with a high at 25.7 created a new trading range, with the automatic reaction (AR) and secondary test of the buying climax (ST)
On the Bullish side:
If in the next day price manages to break above the resistance and close above the swing, we're likely to have an acceleration followed by a sharp correction,
Otherwise, price is more likely to remain range-bound between $25.5 - $23
As always, I don't recommend buying on the break-out since there's usually going to be a test of the same level. That would be our Entry #2.
If you haven't opened a position around the Buy Zone (above), the pullback would be a better entry. Make sure to hit the Follow button to stay up to date :)
On the bearish side: It's always beneficial to consider all possibilities
The price will have to accelerate to the downside + make a decisive close below 23 in short term bearish. But if you're in positions the logical stops are the invalidation levels that I've outlined.
If you liked my analysis or are following through, please don't forget to give it a thumbs up! That'll let TradingView know my articles are helpful and make our community larger
I would also love to hear your feedback! let me know what you like and dislike about my analysis and you'd like to see next :)
