BNB | Trend analysis | The last chance of a bullish momentum
Price looks like it can move both sides, but both possibilities would indicate the end of the bullish trend that is trapped inside of a huge bearish trend (a bearish rising wedge can be observed at higher timeframes, I agree the linked idea).
Trading possibilities are the following:
- Bullish: long positions have higher risk now, the only safe position was 250$ (4). BNB already hit TARGET 1 which it was the same amplitude of wave A and TARGET 2 at 1.618 fib level of WAVE A is pending.
- Bearish: wave C is completed at the top of the upward channel, an impulse from 250$ to 270$ is completed (b) and price might retest the low level of the channel (bearish target 1), the breakout of the channel would mean a lower bearish target 2 and a retest of 200$. Shorts have lower risk and SL can be put at the breakout of the channel.
Trading possibilities are the following:
- Bullish: long positions have higher risk now, the only safe position was 250$ (4). BNB already hit TARGET 1 which it was the same amplitude of wave A and TARGET 2 at 1.618 fib level of WAVE A is pending.
- Bearish: wave C is completed at the top of the upward channel, an impulse from 250$ to 270$ is completed (b) and price might retest the low level of the channel (bearish target 1), the breakout of the channel would mean a lower bearish target 2 and a retest of 200$. Shorts have lower risk and SL can be put at the breakout of the channel.
