BNB Potential Short Trade
BNB has lost a very critical level lately (~260). I think its macro outlook is very fragile. You can check my macro TA for BNB from this idea.
I think a potential test of 260-270 level might be a good short entry.
NFA
I think a potential test of 260-270 level might be a good short entry.
NFA
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Feels like the sell pressure will invalidate this:
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I though this would bring us a test. But honestly why not this:
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I'd like to see this:
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That would be a short I'd take with confidence. Right now it's a coin flip. If you can't put a stop above 270.
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Is it coming?
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This just become bigger pennant. I'm not sure what it is. No meaningful range. Stop hunt and dump probably.
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This thing should go now or it's probably losing its last chance to go.
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I wanna get in from 0.618. Because this spent too much time at the "bottom" for my taste. I have an order at 272.
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CZ what are you up to dude?
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It's definitely coming. I think :D
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Great entry imo:
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This might be it. Critical $260 level is tested anyway.
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I got a short from 258 with stop around 280.
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I didn't want to wait more because I like this:
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Next big resistance if it can break 260-270:
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Let's see.
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I added some from 268. It was the first stop loss from my original plan. 263 average 280 stop.
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A lot of stops have been run around this box. Breaking this is dangerous for shorts. But I wanna see the reaction to 20w ema.
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Just saying.
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Everything is fine until it isn't.
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I'm expecting bad news about Binance soon. There is no fundamental or technical support for this positivity.
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My next order if I get stopped out. I'll be chasing for some time.
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I haven't looked at BNB/BTC for a while. Big resistance ahead:
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Ok.
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Actually I don't wanna use stop loss with this. I'll add collateral today and make it practically impossible liquidate. It doesn't make sense to chase this with small steps.
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Surprise surprise bear markets have really strong rallies:
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BNB is one of the trendless pumps. We'll see.
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Down only, retest, double top... We'll see. But it's not bullish.
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The question is 'Will it hold 260 or not?'
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I'll increase size at 290 if it comes.
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He says he is gonna ignore more fud incoming hehe. Every bad news about Binance is FUD isn't it? About crypto in general. Magic words of cults.
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BNB/BTC update. If you are bullish on this, you'll want to see an ascending triangle:
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They will have to defend this box. If they do, I will respect it and close my trade entirely.
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You act weird BNB.
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BNB is testing nothing. No bullish argument. No significant trend. Really one of the worst manipulation of this mini rally.
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200d ema will be a hard test. That's where I increase size, if it comes.
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Increased position size at 287. Very close to 200d EMA. New average 273.
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We have a clear resistance at 292. It'd be nice to clear that too.
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Adding big around 320-330. We gonna have some fight.
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Even if BTC is going to pump more, this is what BNB deserves:
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264
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Very good. Come to 330.
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Let's pretend like there is no weakness here. And it's not related to any problem about Binance.
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They can overextend this thing though. Because why not.
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Hello CZ? Where is the money? We want it.
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It's the bull market bro c'mon.
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Volume is incredibly low on BNB. People don't trust Binance. They don't even wanna short it. Bank run is a long process in case of Binance. It's happening.
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If everyone is bullish enough, we are returning to reality soon.
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I mean about crypto. People are not bullish about Binance for sure. The trouble is obvious there.
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ser?
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You are not distributing on us, r-right?
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The range is becoming clear. I need a lil bit more confidence to increase my short size.
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He already owns most of the BNB you know. It's hard to convince people to buy here. Not enough shorters to squeeze too. Traders know how it can be manipulated if they short. But I'm in for it. Let's see :D
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Let's make a huge bear flag. I'm in for it too.
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Ouch.
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I'll keep sharing FUD's :D Range high is tested.
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Increased position size by %50 at $308. New average 296. I'm not planning to add more. It's gonna be either give up or hold after this.
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Not by 50% :D. I was thinking something else. By 200%. Previous size is 50% of the new entry.
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Still holding the position. $260 is the key. If I see something close to this, I'll close.
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FUD is getting heavy :)
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Still holding my short.
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I have an alarm on this trendline. If this breaks up, I'm probably wrong about the next move.
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It's a nice rounding top and if it gets invalidated, it will probably break the range next.
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HODLing the short. 260-270 is where it should consolidate. This one should be bearish.
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I will talk early. At major support. But GG if you ask me.
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TL;DR Binance won't survive this bear market.
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I added some @287. This is just because I've closed my other shorts lately. Basically moved profits to here from closed shorts. I still like BNB chart very much.
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The luxury of not giving a fuck I have. About this trade. Mindless pumps are good. Let me see a consolidation so I can consider closing.
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I am still holding but I don't even look at it. Long-term bag holder hehe. Isolated position liq. above 450. I don't care what it does.
