No way to justify higher price for a week or two
BNB is looking totally spent and there's no reasonable way to expect a continuation here without a pretty deep correction.
The elliot counts, pitchfork and fibs all show this as a top. The only trade I'll be looking for will be fading tests of the recent high in the region of 22 to 23. Target around 20.5.
If it doesn't test the high again I'm happy to not trade it at all because it's probably going to be tricky to trade anyway.
Long term I am bullish but for intraday and swing trades there's no way to justify longs, if it does go higher here without a correction it would be a statistical anomaly.
It's overextended and parabolic here and the bulls are in a weak position for the time being.
The elliot counts, pitchfork and fibs all show this as a top. The only trade I'll be looking for will be fading tests of the recent high in the region of 22 to 23. Target around 20.5.
If it doesn't test the high again I'm happy to not trade it at all because it's probably going to be tricky to trade anyway.
Long term I am bullish but for intraday and swing trades there's no way to justify longs, if it does go higher here without a correction it would be a statistical anomaly.
It's overextended and parabolic here and the bulls are in a weak position for the time being.
Comment:
Totally wrong about it not going higher but actively scalping this long in the attached "Only looking for easy mode trades - Don't over trade here!" chart...
