BAKEBNB - Baking A Reversal ?

BAKEBNB has been overall bearish for a while, trading below our red trendline but since it is approaching a strong demand zone we will be looking for buy setups.

And as mentioned in my previous video analysis (attached below), before we buy, we want the buyers to prove that they are taking over again. (you don't want to buy a bearish market right?)

We were waiting for a momentum candle above the previous swing high around 0.0075 to confirm the reversal. (which didn't happen) Meanwhile, until the buy is activated, BAKEBNB would be overall and can still test the demand zone.

Now BAKEBNB is testing the demand zone and formed a new swing high around our red trendline which is considered the new trigger swing.

Trigger => Waiting for a momentum candle close above the gray area (0.006) to confirm the reversal.

Meanwhile, until the buy is activated, BAKEBNB would be overall bearish and can still break the green demand zone downward, in this case, a movement till the next demand zone in blue would be expected.

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich