Below is a speculative trading idea for the BNT/USDT pair.
As of writing, the asset's value has decreased by more than 50% after a strong growth of 240%. The asset meets our expected indicators and reaches a high of $1.9546.
We decide to acquire the asset at the current price of $0.8426. The 50-day moving average serves as support. A decrease in seller activity is also noted, and the price is being held by buyers according to the cumulative delta. The volume profile also reflects market participants' interest in this asset at this price level.
The first target of our trade is to reach the mirror level at $1.0500, with a profit percentage of over 20%. Upon reaching this level, we plan to close the majority of our position, which will be 80%.
The second target, intended for the remaining 20% of the position, is to reach a price of $1.2163 in the event of a breakout of the mirror level. The expected profit at this stage will be over 40%.
@Mahmoud27, hi there! On the daily timeframe, the asset is trading in an ascending trend and above the 50 and 200-day moving averages. We continue to hold the position and monitor the developments on the instrument.
SwallowPremium
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The recent dump did really nasty this one!
Rick_SimpleSwap
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@SwallowPremium, ikr? We stick to the strategy to avoid acting impulsively anyway
coctelero
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What are you thoughts now after the last leg down from yesterday?
Rick_SimpleSwap
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@coctelero, hi there! The pullback coincided with a correction in BTC. I prefer staying committed to the trading stance. If the price dips to the 200-day moving average, it sets the stage for potential additional BNT purchases.