Patiently tracking 1HR equilibrium
Observations:
- Monthly candle most likely to be an inside bar.
- Daily exponentials acting as support.
- Hammer on daily chart formed yesterday, marking possible bottom of the pullback, but no followthrough yet.
- Bear volume showing a decline on daily as well.
- 1hr oversold RSI giving excellent entries.
Unfortunately the pennant formation broke bearish, yet the trend is still very much healthy and looking at the daily chart there's no red flags that have me doubting the bulls as of now.
Also worth noting if you look back pay attention on what the price has been recently doing every time it comes near the daily exponentials, past performance doesn't necessarily dictates the future but is a good point of reference.
Pennant analysis:
Gameplan:
I wasn't by my computer when the hourly RSI oversold bounce occurred, so I am simply patiently waiting to see where this equilibrium takes us to seek a good entry.
Please share your thoughts! Do you think BNB will go down to retest the $20 support, will it break or hold? Or do you believe that the daily exponentials will hold firmly and the bulls will propel us back to the $25 level and beyond?
Disclosure:
Please keep in mind that this are simply my ideas on the market, I am in no way shape or form qualified to give anyone any financial advise. All I'm looking for is to become a better trader with time and the only way too do this is to post what I am looking at and take criticism from those of you that been doing this for a very long time, having said that please feel free to call me out on any mistakes, or incorrect analysis the best way to learn is from each other as a community.
- Monthly candle most likely to be an inside bar.
- Daily exponentials acting as support.
- Hammer on daily chart formed yesterday, marking possible bottom of the pullback, but no followthrough yet.
- Bear volume showing a decline on daily as well.
- 1hr oversold RSI giving excellent entries.
Unfortunately the pennant formation broke bearish, yet the trend is still very much healthy and looking at the daily chart there's no red flags that have me doubting the bulls as of now.
Also worth noting if you look back pay attention on what the price has been recently doing every time it comes near the daily exponentials, past performance doesn't necessarily dictates the future but is a good point of reference.
Pennant analysis:
Gameplan:
I wasn't by my computer when the hourly RSI oversold bounce occurred, so I am simply patiently waiting to see where this equilibrium takes us to seek a good entry.
Please share your thoughts! Do you think BNB will go down to retest the $20 support, will it break or hold? Or do you believe that the daily exponentials will hold firmly and the bulls will propel us back to the $25 level and beyond?
Disclosure:
Please keep in mind that this are simply my ideas on the market, I am in no way shape or form qualified to give anyone any financial advise. All I'm looking for is to become a better trader with time and the only way too do this is to post what I am looking at and take criticism from those of you that been doing this for a very long time, having said that please feel free to call me out on any mistakes, or incorrect analysis the best way to learn is from each other as a community.
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