BNT is ranging since May 2021. Support that built at $2.66 on June was tested again one month later in the form of a fakeout. In January 2022, price passed through $2.66 and found strong resistance in the high demand zone between $2.30 – 2.08.
In the 4H LTF, BNT was accumulated between 22 Jan. and 05 Feb. That in conjunction with the long tail candlesticks - in the same period – indicates that large traders absorbed all the coins that sold below $2.30.
Yesterday BNT returned in sideways trend in relatively low volume. That’s not necessary a bad sign. Besides, changes in price are relatively small. Today, $2.60 level retested again.
If you want to go long, a position below $2.8, take profit near psychological resistance at $5.00 and stop loss below $2.30 or $2.08, gives you a R/R >3 - 3.75.
A conservative target if we gain psycho resistance is between $10.00 – 8.00.
I’ll keep my report updated to any significant changes.
In the 4H LTF, BNT was accumulated between 22 Jan. and 05 Feb. That in conjunction with the long tail candlesticks - in the same period – indicates that large traders absorbed all the coins that sold below $2.30.
Yesterday BNT returned in sideways trend in relatively low volume. That’s not necessary a bad sign. Besides, changes in price are relatively small. Today, $2.60 level retested again.
If you want to go long, a position below $2.8, take profit near psychological resistance at $5.00 and stop loss below $2.30 or $2.08, gives you a R/R >3 - 3.75.
A conservative target if we gain psycho resistance is between $10.00 – 8.00.
I’ll keep my report updated to any significant changes.
Comment:
Bitcoin correction is expected and may drag other alts below their supports. Do not panic sell. Always DYOR!
Trade active:
Markets are falling due to Russia - Ukraine tensions. That can not affect the market in the long run. Stay to your plan. Do not panic sell!
