Deobald
Long

BNB / USDT Long set up

BINANCE:BNBUSDT   Binance Coin / TetherUS
It looks like BNB is preparing for the launch

The reasons for that are the following:
1) We have completed the 5 waves downward channel in the past six months.
2) We are currently trying to break above this downward channel .
3) We have a divergence on the 5th wave between the AO and the price.
4) we broke above the alligator and the AO indicator became positive.

The only thing that we are missing is an increase in volume and this is a very important factor for the growth of the asset.

Strategy:
On the daily chart , the buy fractal was formed at a price of $15.32. The break of this fractal would be the entry point
The stop loss is the sell fractal which is currently at $12.98. Potential take profit is around $21.38 but before the profit can be reached we have to pass through a resistance cloud.

PS: this is a long term trading plan, can take around 3 months.
Comment: We are going into the correction.

There are several scenarios of how this can turn out.

1. Re-check of a downward trend line. This will be a move towards the area of $14.55-$14.35 where we can find the Daily 50MA as support + the 61.8% Fiba retracement.

2. The pullback to $16.00 which is a 38.2% Fiba Retracement. If we will form a new local low there it would be a strong point to draw an upward trend line.

3. Form a double top or a divergence between the price and RSI. This will be a short upward move (maybe a spike) and then a move towards the 61.8% Fiba
BUY - SELL - REPEAT
(c) Wunderbit

Comments

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