BNBUSDT Breakout|Price Action|Local S/R|200 MA|Declining Volume

11 Okt 2020

Evening Traders,

Today’s analysis – BNBUSDT- closing into its apex where a breakout will be imminent allowing for a trade in either direction,

Points to consider,
- Price Action higher lows
- Internal Trend Line
- Local S/R Resistance (.618 Fibonacci)
- Oscillators neutral (50 mid-point)
- Declining Volume

BNBUSDT’s immediate price action is constructing higher lows with a strong Local S/R poising resistance. This creates an Apex where a breakout will dictate the overall trend.

The internal trend line is immediate support; price breaking this will coincide with bearish price action. It’s important to note that the 200 MA is in confluence here, a break needs to be impulsive and with volume.

The Local S/R is current resistance, this level is in confluence with the .618 Fibonacci, price action has been respecting this level thus breaking through will be extremely bullish.

Both oscillators are currently resting range mid, thus neutral, movement will coincide with a volume influx, the current volume profile is declining which is indicative of a breakout.

Overall, in my opinion, BNBUSDT is a valid trade after a confirmed break from its apex, price action is to be used upon discretion/ management of trade.

Hope this analysis helps

Thank you for following my work!

And remember,
“If you can’t take a small loss, sooner or later you will take the mother of all losses.” – Ed Seykota