IMO we have entered a new bear market, weather its short lived or multiyear we will see. However we must make a mention to one of the biggest pumps of the last month. Im talking about Binance Coin.
As you can see in the chart we are currently correcting inside a bearish channel, Fib retracement and common algo targets give us confluence near the 190-200 area, this also coincides with the GZ of the move up and the price area near the breakout from 200 to 348.
I believe we will stay in the channel and correct down to this area, here depending on PA we can strategize our next move, weather its a new leg up or a deeper correction. I believe this will all be extremely correlated to BTCs PA and Crypto as a whole.
Trade closed: target reached
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Close at target and opened long. Target top of the channel near GZ from move down from 275, circa 245