Long
BNX: After a +900% Rally, What's Next?
BNX had an incredible run, skyrocketing +900% in just 19 days, completing a 5-wave Elliott Wave structure and peaking at $1.3333. Since then, the price has been in a downtrend, now approaching the critical $1.00 psychological support level.
Key Support Levels
The weekly open sits at $0.9387, aligning perfectly with the Point of Control (POC) from the previous trading range, making this a crucial level to watch. However, the bigger question remains—where is the next high-probability trade setup?
Potential Trade Setups
Bullish Setup: If price sweeps $0.8278 liquidity and enters the $0.7333 - $0.7076 demand zone, a long opportunity with confirmation could offer a great risk-to-reward trade.
Key Support Levels
The weekly open sits at $0.9387, aligning perfectly with the Point of Control (POC) from the previous trading range, making this a crucial level to watch. However, the bigger question remains—where is the next high-probability trade setup?
- Liquidity Below $0.8278 – There's a significant liquidity pool just below this low, making it an attractive area for potential stop hunts before a reversal.
- 0.5 Fibonacci Retracement ($0.7333) – Measuring the full +900% move, the 50% retracement aligns near a key support zone.
- Weekly Bullish Order Block ($0.7076) – A historical area of demand, adding further confluence.
- 1.272 Fibonacci Extension ($0.7250) – Another confirmation of a potential bounce area.
- Anchored VWAP from $0.1334 – Currently sitting at $0.6675, this dynamic support strengthens the buy zone.
- 0.618 Fibonacci Speed Fan – If the price drops towards this level by late February, it could provide additional confluence for a bounce.
Potential Trade Setups
Bullish Setup: If price sweeps $0.8278 liquidity and enters the $0.7333 - $0.7076 demand zone, a long opportunity with confirmation could offer a great risk-to-reward trade.
Trade closed: target reached
BNX followed the anticipated prediction perfectly, executing a liquidity sweep below $0.8278 before diving into the high-confluence demand zone. The price tapped the weekly bullish order block at $0.7076 and the 1.272 Fibonacci extension at $0.7010, marking the precise reversal point.From there, BNX bounced aggressively, rallying over +50% as buyers stepped in at this key level. This confirms the strength of the 0.7333 - 0.7076 demand zone, where multiple factors aligned for a high-probability trade setup.
Now the question is, where is the next high probability trade setup?
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Mastering Fibonacci for precision trading
🔹 Sharing high-probability trade setups 🔹
⚡ Unlock the power of technical analysis! ⚡
🔹 Sharing high-probability trade setups 🔹
⚡ Unlock the power of technical analysis! ⚡
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.