BNB: Daily Market Review
Market Conditions
The market is bearish. We have the downtrend and a correction movement to MAs and the major resistance area.
Valuable Areas
The nearest resistance is 20MA where we should be ready to see a reversal in the direction of the main trend. If the price moves higher, the resistance area around $250 will be able to stop the bulls.
Trade Opportunities
How to trade?
If we talk about trend-following approach, we should wait for reversal setups around the key resistance and MAs. A breakout below the counter trend line will provide a bearish signal as well.
For buying, we can do it only if our goal is to average long positions. For position trading there are no fundamental reasons. The same goes for investing. The price doesn’t reach the bottom which can be around $140 and $100 levels.
As for day trading, it makes sense to follow the bullish sentiment in the market and search for possible bullish signals in the minute time frames.
Here is a new format, what do you think about it? How it should be improved? Share your thoughts in comments.
P.S. In such posts, I don’t want to give you the exact trading signals, as it won’t motivate you to improve your knowledge and trading approach. But this information should help you to understand better in which market conditions you need to trade. And this information can be used for planning your own trades which match your style, conditions and goals.
The market is bearish. We have the downtrend and a correction movement to MAs and the major resistance area.
Valuable Areas
The nearest resistance is 20MA where we should be ready to see a reversal in the direction of the main trend. If the price moves higher, the resistance area around $250 will be able to stop the bulls.
Trade Opportunities
How to trade?
If we talk about trend-following approach, we should wait for reversal setups around the key resistance and MAs. A breakout below the counter trend line will provide a bearish signal as well.
For buying, we can do it only if our goal is to average long positions. For position trading there are no fundamental reasons. The same goes for investing. The price doesn’t reach the bottom which can be around $140 and $100 levels.
As for day trading, it makes sense to follow the bullish sentiment in the market and search for possible bullish signals in the minute time frames.
Here is a new format, what do you think about it? How it should be improved? Share your thoughts in comments.
P.S. In such posts, I don’t want to give you the exact trading signals, as it won’t motivate you to improve your knowledge and trading approach. But this information should help you to understand better in which market conditions you need to trade. And this information can be used for planning your own trades which match your style, conditions and goals.
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