• I am still expecting BNB to make a lower low. However, it looks as if a relief rally is in the cards for next week. We need to watch out for the ISM services PMI announcement tomorrow (June 5th) but otherwise I think we are short-term bullish.
• Following BNB’s PA, you can see that the 308 USD horizontal level is meaningful. I mean that if it flips to support, we can expect a short-term bounce.
• Furthermore, if BNB can get above the 308 USD level and flip it, it will also be above the 4H 20 & 50 EMAs which will reduce the bearish pressure.
• If BNB reclaims the 316 USD level and the Diagonal line, I think we are off to the races. Please read my previous Idea about BNB for more context.
My Trade Idea:
• Entry: 308.6 (after retest).
• SL: 306.4 (local resistance/support)
• Target: 315
• R: R > 1:3
• If this trade is successful, I will not cash out completely because it may go higher.
NFA
What do you think? Please share in the comments
Best wishes to all.
• Following BNB’s PA, you can see that the 308 USD horizontal level is meaningful. I mean that if it flips to support, we can expect a short-term bounce.
• Furthermore, if BNB can get above the 308 USD level and flip it, it will also be above the 4H 20 & 50 EMAs which will reduce the bearish pressure.
• If BNB reclaims the 316 USD level and the Diagonal line, I think we are off to the races. Please read my previous Idea about BNB for more context.
My Trade Idea:
• Entry: 308.6 (after retest).
• SL: 306.4 (local resistance/support)
• Target: 315
• R: R > 1:3
• If this trade is successful, I will not cash out completely because it may go higher.
NFA
What do you think? Please share in the comments
Best wishes to all.
