In the past couple of days we have seen a new face of the crypto market. Daily chart of BNBUSDT shows,a bear trend taking place and for today's bar so far we have a pinbar. Now you may think "It's a good time to buy", NO.After a bear trend this steep, with this much volatility and fear? Anyway,pinbar is a good signal but a really bad context.In lower time frames,we have the micro channels forming.If you are a trader and not an investor, you know what to do.
For now. we have the support levels of 200$,225$ and 260$ which is more likely to break and for resistance we have the top line of the bear channel and key level of 300$.
I bought a bag of BNB Binance Leveraged Coins this morning when all my low ball orders fell, around $26-$28. Price is now almost x2 so it seems like a genuine trend reversal. I'm not an expert, but I've seen this before. BNB is often a good early indicator.
HubAlgo
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@PetrusdeCourtrai, Hi. what you did there was taking a huge risk, and this is what most rally traders do.I take trades in lower time frames too but with a manageable risk. If you feel comfortable taking that much of risk, go for it.
PetrusdeCourtrai
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@mignaly, well you're right of course. I had low ball orders there, but I didn't think they would get filled. That coin was $900 in November, and here I got some at $26. Those low ball orders were only there in case we get a flash crash. We could now get a double bottom though before we get up. Maybe I get lucky twice :)
Price is now almost x2 so it seems like a genuine trend reversal. I'm not an expert, but I've seen this before. BNB is often a good early indicator.