Binance Coin / TetherUSUpdated BNB TRY TO DECIDE FOR ITS DIRECTION, Breakdown or Breakup points
Disclaimer: NOT an Investment Recommendation Just for self educational purposes.
Hi Guys, what a days huh ? I am trying to survive in this volatility as like you..
So lets jump in to our main topic. After a huuuge increase BNB faced of a nice correction.. It gave us good trading opportunities with dips and highs.. So from now on there is another decision point for BNB.
Firstly, worst case scenario for bulls; As it can be seen in the graph a descending triangle is already created and now it is time to move. 208-210 is the support line for BNB it can be a place to hold BNB one last time to push it to the upper line of descending triangle orrrrrrr or we will go down down down down down to 195 support line where I will believe it will jump bounce back. Therefore, 193-195 can be a place to enter in order to catch the bounce back. However as I always say, there is always a worse case scenario than the worst case scenario... 180$ will another bounce back level and 156$ is the last castle for BNB holders.
Secondly, best scenario for bulls, can be easily seen in the graph... a breakup.. breaking the upper line of descending triangle to the levels of 285 and luckily 300$..
However... Here is what I believe.. Normally I was expecting a jump to 285$ till monday morning because of the general trend that I draw in my personal research. However, when I analyzed a smaller time frame I saw the possible movements that I told you in worst case scenario. So I Just want to share this idea in order to follow up and we will see which one is correct.
So here is what I think in smaller time frame.. As you can see I draw some parallel small lines inside the descending triangle those are the double tops and the descending lines are the consequences of double tops.. So now we created another small double top which I believe will ended with a decrease in the price to the point 208-210 support line and if it will break next station is 195 where I believe it will bounce back. I already opened a position in BNB with a 240$ average, today I drank a cold water and sold half of my position. If the bad scenario will happen, no problem I will still get a profit and also compensate my loss. If the best scenario will happen I am waiting for an opportunity to buy and drop my average cost to a more sensible levels.
Hi Guys, what a days huh ? I am trying to survive in this volatility as like you..
So lets jump in to our main topic. After a huuuge increase BNB faced of a nice correction.. It gave us good trading opportunities with dips and highs.. So from now on there is another decision point for BNB.
Firstly, worst case scenario for bulls; As it can be seen in the graph a descending triangle is already created and now it is time to move. 208-210 is the support line for BNB it can be a place to hold BNB one last time to push it to the upper line of descending triangle orrrrrrr or we will go down down down down down to 195 support line where I will believe it will jump bounce back. Therefore, 193-195 can be a place to enter in order to catch the bounce back. However as I always say, there is always a worse case scenario than the worst case scenario... 180$ will another bounce back level and 156$ is the last castle for BNB holders.
Secondly, best scenario for bulls, can be easily seen in the graph... a breakup.. breaking the upper line of descending triangle to the levels of 285 and luckily 300$..
However... Here is what I believe.. Normally I was expecting a jump to 285$ till monday morning because of the general trend that I draw in my personal research. However, when I analyzed a smaller time frame I saw the possible movements that I told you in worst case scenario. So I Just want to share this idea in order to follow up and we will see which one is correct.
So here is what I think in smaller time frame.. As you can see I draw some parallel small lines inside the descending triangle those are the double tops and the descending lines are the consequences of double tops.. So now we created another small double top which I believe will ended with a decrease in the price to the point 208-210 support line and if it will break next station is 195 where I believe it will bounce back. I already opened a position in BNB with a 240$ average, today I drank a cold water and sold half of my position. If the bad scenario will happen, no problem I will still get a profit and also compensate my loss. If the best scenario will happen I am waiting for an opportunity to buy and drop my average cost to a more sensible levels.
Note
We just reached the top of the triangle, not the way I expect to reach that point but I am so excited about whether BNB break it up or bounce back from the resist line.. Let's see it together.. I think it wont care the triangle and move in a steady way.Note
As we expected.Fibo extension worked well and 208 support line just worked out.. It bounced back to 215$. IMO It can go to 219 maximum and the the next station is 195. I am 90% sure it will come to 195$, I will make a small entrance from 195 in order to catch next bounce back.
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