Hello traders! This is my first idea shared on TradingView. Nice to meet you!
In this analysis I used order blocks (a very good strategy used in forex) and oscillation channels to determine future price moves.
Wait for the chart to leave the bullish trend and open your short position. TP1: "Order Block 1" (273 USDT/BNB) // TP2: volume resistance (301.62...
IF the price will close under 343-342 area, we might see a down trend again until the 301 area (where we can see a strong volume resistance and a strong daily order block).
My previous bearish analysis on BNB/USDT:
There are two strong reversal points in very short range in BNB. I am expecting a huge drop from any one of them and the target will be 319 reversal point and we will see sudden rise from this point.
In any case, if BNB wants a bullish run then it will break 419 True reversal point and after that it will come back to test 419 and will move up...
Entry 503 496.6
Targets 529 552 585.3 612.7
I see a breakout coming after a period of accumulation and we've come to the corner of the wedge. I've left room for a dip for a liquidity grab.
May 19 was a deep red day, where BNB lost 34%.
This candle from a technical point of view was useful for us to outline a very wide range.
In fact, as J. Ross says, a range is easily identifiable if the price does not close above the high or below the low of a candle that had a certain breadth.
As you can see, the price had lows below the identified range,...