Market & Ticker: Binance Coin – BNB/USDT
Date: 23/08/2023
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
BNB is suffering a negative news flow in parallel of the consolidation in going on the crypto market. Most of the technical indicators confirm the bearish dynamic, however BNB is approaching a significant support area defined at 160/190 where a bullish reversal is supposed to occur.
At the current level, a neutrality zone has been established between 160 and 248 to wait for a new bullish set up to be provided by the price action. The 160/190 key support area remains strong on a mid-term perspective, we are going to wait for an exhaustion of the current bearish momentum and see how the market is reacting in the next days/weeks above this support.
In other words, a trading range (pause) is likely between 160 and 248, only a clear break above 248 would provide a new bullish signal. The short-term trader can take advantage of the 160/190 area to anticipate the bullish signal and open bullish positions.
Technical Key Elements:
- RSI Indicator is negative area below 50%
- The Moving average are resistance at 248
- Fibonacci key support is adjusted at 160 while the key resistance is adjusted at 248
Trade Idea conclusion: Neutral – Range Swing
Upside swing trade Target 1: 248 Buy swing: add in dip area 190 Stop: 160 | Downside swing trade Target 1: 190 Sell swing: add in dip area 235 Stop: 248 |
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
