Overall context:
BNB has been making higher lows with a wick making a higher high.
Every time the bears have driven down the price with relatively
high volume, the price was fully recovered from with relatively
moderate or high volume and *not* dumped back down immediately
with high sell volume.
This means the sellers are becoming less and less convicted. Although
there has not been a huge amount of buy volume, this is a good thing
because if BNB does break the 0.0013 level, there will be plenty of
buyers left to come in and drive the price up further.
The trade:
Long on BNB at current price levels.
Stop placed below the low 2 levels ago.
Take profits around the next reasonable
resistance zone (zoom out for more context)
BNB has been making higher lows with a wick making a higher high.
Every time the bears have driven down the price with relatively
high volume, the price was fully recovered from with relatively
moderate or high volume and *not* dumped back down immediately
with high sell volume.
This means the sellers are becoming less and less convicted. Although
there has not been a huge amount of buy volume, this is a good thing
because if BNB does break the 0.0013 level, there will be plenty of
buyers left to come in and drive the price up further.
The trade:
Long on BNB at current price levels.
Stop placed below the low 2 levels ago.
Take profits around the next reasonable
resistance zone (zoom out for more context)