Time for a big call, a full EXIT from 
BNB for me, the time has come. My latest spot entry at $1040 was based on the then-expected DEAD CAT bounce, and that's exactly what materialized.
The #Binance coin did precisely that, a WAVE B that peaked around the $1185 mark, and did NOT manage to reclaim the 50 MA (yellow) short-term momentum line in the sand.
The dead cat SURGE also ended at a textbook fib 0.382 level followed by a loss of the fib 0.5 level at $1119, and that was a BEARISH FLAG breakdown level (targeting... $753, yes).
So, the BEAR FLAG breakdown, the textbook completion of WAVE B dead cat, the down-curved 50 MA in confluence with the FALLING TRENDLINE. The BULLISHNESS has evaporated, deal with it.
How I deal with it: full EXIT from my recent SPOT at 4%+ (TP1 was at 11%+), full exit from the whole long-term portfolio BNB. It has been a great ride.
And a short POSITION, using all of my recent SPOT profit as margin.
SHORT at $1083
STOP LOSS: above the 50 MA ($1140 roughly) + above the trendline, 25% stop loss after every 4-hour CANDLE close.
TAKE PROFIT: 33% at $965, 33% at $865, and the rest at $755.
Btw, huge amounts to be LIQUIDATED below $1000, people have aped in not knowing that it was a DEAD CAT.
Brutal, but fair, in my mind.
💙👽
BNB for me, the time has come. My latest spot entry at $1040 was based on the then-expected DEAD CAT bounce, and that's exactly what materialized.The #Binance coin did precisely that, a WAVE B that peaked around the $1185 mark, and did NOT manage to reclaim the 50 MA (yellow) short-term momentum line in the sand.
The dead cat SURGE also ended at a textbook fib 0.382 level followed by a loss of the fib 0.5 level at $1119, and that was a BEARISH FLAG breakdown level (targeting... $753, yes).
So, the BEAR FLAG breakdown, the textbook completion of WAVE B dead cat, the down-curved 50 MA in confluence with the FALLING TRENDLINE. The BULLISHNESS has evaporated, deal with it.
How I deal with it: full EXIT from my recent SPOT at 4%+ (TP1 was at 11%+), full exit from the whole long-term portfolio BNB. It has been a great ride.
And a short POSITION, using all of my recent SPOT profit as margin.
SHORT at $1083
STOP LOSS: above the 50 MA ($1140 roughly) + above the trendline, 25% stop loss after every 4-hour CANDLE close.
TAKE PROFIT: 33% at $965, 33% at $865, and the rest at $755.
Btw, huge amounts to be LIQUIDATED below $1000, people have aped in not knowing that it was a DEAD CAT.
Brutal, but fair, in my mind.
💙👽
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.