BNBBTC S/R Flip| .618 Fibonacci| 21 MA| Swing High
Evening Traders,
Today’s Analysis – BNBBTC – respecting weekly support and breaking above a key daily level, swing high is the immediate target.
Points to consider,
- Local trend impulse sell (oversold conditions)
- Macro weekly support
- Technical confluence (.618 Fibonacci & 21 MA)
- Oscillators overextended
- Volume below average
BNBBTC impulse sell lead to an oversold bounce from key macro weekly support, this relief rally gives us a short term bullish directional bias.
The daily has multiple technical confluences, the .618 Fibonacci and the 21 MA. Price is likely to put in a retest for a confirmation of an S/R Flip. Price acceptance will increase the probability of testing swing high.
The oscillators are both overextended; a retest of the daily level will bring them back to neutral territory. This is healthy for the overall short term trend.
Current volume profile is below average, an influx is probable when testing daily support. Follow through in volume is important for trend continuation.
Overall, in my opinion, an S/R Flip retest will allow for a valid long entry into swing high. Price action is to be used upon discretion / management of the trade. Price breaching daily support will negate the trade idea.
What are your thoughts?
Thank you for following my work!
And remember,
“A quiet mind is able to hear intuition over fear.” ― Yvan Byeajee
Today’s Analysis – BNBBTC – respecting weekly support and breaking above a key daily level, swing high is the immediate target.
Points to consider,
- Local trend impulse sell (oversold conditions)
- Macro weekly support
- Technical confluence (.618 Fibonacci & 21 MA)
- Oscillators overextended
- Volume below average
BNBBTC impulse sell lead to an oversold bounce from key macro weekly support, this relief rally gives us a short term bullish directional bias.
The daily has multiple technical confluences, the .618 Fibonacci and the 21 MA. Price is likely to put in a retest for a confirmation of an S/R Flip. Price acceptance will increase the probability of testing swing high.
The oscillators are both overextended; a retest of the daily level will bring them back to neutral territory. This is healthy for the overall short term trend.
Current volume profile is below average, an influx is probable when testing daily support. Follow through in volume is important for trend continuation.
Overall, in my opinion, an S/R Flip retest will allow for a valid long entry into swing high. Price action is to be used upon discretion / management of the trade. Price breaching daily support will negate the trade idea.
What are your thoughts?
Thank you for following my work!
And remember,
“A quiet mind is able to hear intuition over fear.” ― Yvan Byeajee