BNB - Broke resistance - Follow up 11-05-2021
Hello fellow #steemians
Two days ago I wrote an analysis on #BNB the #Binance coin - For those who doesn't know what Binance is, it is a crypto exchange, and if you are on Steemit you know what crypto is LOL!
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The previous post is here -
https://steemit.com/hive-119463/@mycryptostalker/bnb-broke-resistance-what-s-next-11-03-2021
So now I will continue with the next analysis because as stated on the previous post we broke resistance and now we reached the next level resistance.
As you should know as a trader, price even when it moves in a parabolic (fast upwards or downwards move) it moves in waves... you need a seller for a buyer and a buyer for a seller (when there is lack of any of those is when price moves in those drastic ways finding in the order books who can fill the ask or the bid - and some liquidations come into place as well)
This is the same graph but updated with the new candles.... And I added one other grey line
WHY - We broke to the downwards $550 USD and I told you on the previous post that $550 USD shouldn't break... but it did. Even with that, we just needed to watch carefully the next support (the added grey line $540.30 USD).
This chart is on the 4hr and it gives us a clear idea of the price action of #BNB how it created a new support and broke with impulse (big candles) the precious broken resistance. And now we reach the next level and had a little retrace that now looks like a support for continuation to the upside.
REMEMBER - ALL CRYPTO MARKETS DEPEND ON ONE ASSET - BTC - SO WATCH CAREFULLY WHAT #BTC DOES.
Although there aren't direct correlations between these two assets, if BTC falls, some selloffs of other assets will occur - If you want a post about this correlations and why this happens please tell me in the comments - ENGAGE IN THE DISCUSSION!!!
This is the daily chart
And now we need to have a retracement (that could go back to the $540 USD area) that ideally should be above $580 USD.
If in the next 4hrs candles that support is created, we can expect in a few days to reach the recent ATH and then maybe a continuation. But as stated above, watch BTC carefully because it looks it is in a consolidation phase above $60,000 and that can be a sign for a continuation on the bullrun.
THIS IS NOT FINANCIAL ADVICE OR TRADING ADVICE. DO YOUR OWN RESEARCH AND NEVER USE MONEY YOU CAN'T AFFORD TO LOOSE, ALSO... PLEASE... ALWAYS USE STOP LOSS.
Questions are welcome in the comment sections and please resteem so more people can be reached.