BNB has a high probability of being a good Long. Let me explain my reasons.
First of all, if we apply the Fibonacci retracement from the beginning of the parabolic bullish movement we can notice a great growth in BNB being that this retracement has led it to test 0.618% which is a fairly good zone in liquid currencies to initiate a possible Long . This means that BNB has a high probability of staying above these levels. In the hypothetical case that BTC and the bulls manage to reduce the bearish force a bit.
If we talk about indicators we can denote that the RSI has touched the lowest levels since the beginning of the bearish in all cryptocurrencies due to the panic. Currently the reports show strong purchases, but the bearish force is still there and everything indicates that they do not think to reduce their trend. But the RSI indicates oversold and is starting to regain strength, if we manage to retake the 50 level, it could be a good sign for the bulls.
What worries me a bit is the MACD issue, as we see this fall, it led BNB to bearish levels that it had never had before, taking it to the value of -65. This being quite negative, currently in the macd we can see loss of bearish strength, but are they really losing strength?, The values are still negative, this could be a false upside at this point.
If we talk about supports and resistances we can denote that we have tested the support that BNB took at the beginning of the bullish from 240 to 600. This being a clear buying force at these levels.
And based on MD Lines we could say that we already started a bullish of 6-9 candles, currently we have 2, I would expect the 537 level as a target since in this area, we can see quite a strong selling force. Which could indicate that the bears are waiting to open more positions.
Currently in BTC there are 1087 shorts according to CFTC. So personally I'm not that positive, but the bulls are gaining ground. I will open a small position using 2x and settlement at 0. It should also be added that we can visualize a perfect test of the 200-day moving average, which gives me some confidence to open this position.
First of all, if we apply the Fibonacci retracement from the beginning of the parabolic bullish movement we can notice a great growth in BNB being that this retracement has led it to test 0.618% which is a fairly good zone in liquid currencies to initiate a possible Long . This means that BNB has a high probability of staying above these levels. In the hypothetical case that BTC and the bulls manage to reduce the bearish force a bit.
If we talk about indicators we can denote that the RSI has touched the lowest levels since the beginning of the bearish in all cryptocurrencies due to the panic. Currently the reports show strong purchases, but the bearish force is still there and everything indicates that they do not think to reduce their trend. But the RSI indicates oversold and is starting to regain strength, if we manage to retake the 50 level, it could be a good sign for the bulls.
What worries me a bit is the MACD issue, as we see this fall, it led BNB to bearish levels that it had never had before, taking it to the value of -65. This being quite negative, currently in the macd we can see loss of bearish strength, but are they really losing strength?, The values are still negative, this could be a false upside at this point.
If we talk about supports and resistances we can denote that we have tested the support that BNB took at the beginning of the bullish from 240 to 600. This being a clear buying force at these levels.
And based on MD Lines we could say that we already started a bullish of 6-9 candles, currently we have 2, I would expect the 537 level as a target since in this area, we can see quite a strong selling force. Which could indicate that the bears are waiting to open more positions.
Currently in BTC there are 1087 shorts according to CFTC. So personally I'm not that positive, but the bulls are gaining ground. I will open a small position using 2x and settlement at 0. It should also be added that we can visualize a perfect test of the 200-day moving average, which gives me some confidence to open this position.
Comment:
4h Charts, Overbought Indicators, Stop Profit and Let Run.