BNB/USD - Time to be careful, $75 ATH at resistance!
BNB went for it, hard. almost doubling in four days. Now we have set a new ATH at $75. Can we go higher? Maybe. However I have some concerns.
We have touched the top of our massive ascending channel, so a break above this level is unlikely. Our indicators are overextended and a cooldown is due. On 4h timeframe we're already correcting which may slowly move onto higher timeframes.
Therefore, do not BUY here... this is where you should have sold.
I see good support at $60 if we start correcting. If that will not hold the price then the next area where we should find support is between $40-30.
Breaking under $60 would mean we break the parabola, at which point we will go lower to the next levels of support.
My bias is bearish short term, if we hold at $60 I will turn bullish, but if we fall there, I will remain bearish.
So watch this price action and DO NOT FOMO into a coin just because it pumped, always check the big timeframe!
Like and follow if you liked this idea! Also join my crypto community to stay in touch!
We have touched the top of our massive ascending channel, so a break above this level is unlikely. Our indicators are overextended and a cooldown is due. On 4h timeframe we're already correcting which may slowly move onto higher timeframes.
Therefore, do not BUY here... this is where you should have sold.
I see good support at $60 if we start correcting. If that will not hold the price then the next area where we should find support is between $40-30.
Breaking under $60 would mean we break the parabola, at which point we will go lower to the next levels of support.
My bias is bearish short term, if we hold at $60 I will turn bullish, but if we fall there, I will remain bearish.
So watch this price action and DO NOT FOMO into a coin just because it pumped, always check the big timeframe!
Like and follow if you liked this idea! Also join my crypto community to stay in touch!
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