BNB USDT is currently inside of a bear flag channel which is likely to break to the downside. I don't think there is a way to short BNB as I believe this coin is only available on Binance (shorting isn't available on Binance) but this might be reason enough to exit a long position near the top of the channel, if that opportunity should present itself.
When it breaks to the bottom, BNB should stop and consolidate or reverse around the support below, which is why I recommend exiting your short position (if it's possible to short) before the channel. If we print a wick below this lower channel, in my opinion this would be a buy with a tight stop loss.
When it breaks to the bottom, BNB should stop and consolidate or reverse around the support below, which is why I recommend exiting your short position (if it's possible to short) before the channel. If we print a wick below this lower channel, in my opinion this would be a buy with a tight stop loss.
Trade closed: target reached:
Target reached
My goal is to find the best risk:reward setups. For instance, if you risk $1,000 at a chance to make $5,000, you can afford to be wrong 4 out of 5 times and still not lose money. I hit my targets over 50% of the time.