BINANCE:BNBUSDTPERP Anlysis 03-09-2021 by TheSocialCryptoClubMay 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, but there were no closes.
The bottom of the range was also confirmed by the POC level of the previous bullish move.
Continuing, it was possible to divide this wide range into 3 zones.
Now BNB is located in the upper third of this range.
The market sentiment is broadly bullish and this leads us to think about attempting entries to take advantage of the likely breakout of this range, as the FOMO could come to our aid.
Note the POC developed within the range, it is still very low, in the lower third, so we could use the areas into which the range has been divided to mediate the price if things do not go well right away.
A medium-term target could be given to us by the range itself, projecting it upwards to 785.
The oblique trendline can be used to predict big future peaks.
Finally we can use the 0 level of CryptoFall to predict very high profit target, here we are advised the 1000 level.
