BNB Bears Exhuasted?
From mid-February onwards, whenever prices of BNB when to the overbought range of the Bollinger bands, its prices would see a rather immediate or gradual decrease.
Compared to February 5th to February 12th, this is an early indication that the bulls may be exhausted as compared to then, prices of BNB were peeking ever so slightly to the overbought range of the Bollinger bands.
However, unlike now, the prices held on and continue to rise and peek out of the Bollinger bands. This may not seem much but when placed on the 1-week timeframe, the lower line of the Bollinger bands continue to stretch downwards and this is a sign that BNB may see a downfall in prices soon.
For those who wish to still trade BNB, traders are able to take positions at the support and the resistance of the ascending support and resistance line.
However, for those looking to go long, remember to place your stop loss as the risks to reward of going long now is very unfavourable with the risks overweighing the reward.
.
For those who would like to know more about the cryptocurrency community and not always read trading ideas or just want to take a break from trading but still want to do something cryptocurrency related, you are welcomed to my blogger website where I would post an average about 2 blogs per week generally about the cryptocurrency community and happenings in the cryptocurrency space.
trevorthetrader.blogspot.com
.
If you wish to donate, here are the addresses you could donate your coins to:
Bitcoin Address
3AC7bbBQvKdVTY5B2JhvkgyxcfAymWRehV
Ethereum Address
0x1Bc430e5c74541fb9b5aC833f8a38990E13228fe
BitcoinCash Address
bitcoincash:pq49556q9waej6gryt36eaxv7sx63eu39yr36hwm2w
Litecoin Address
MAbr3WfBCvVYz3FAkYA6ZtwEDLKqd2EANF
Thanks for donating! It is great to see my work being supported by you guys!
Compared to February 5th to February 12th, this is an early indication that the bulls may be exhausted as compared to then, prices of BNB were peeking ever so slightly to the overbought range of the Bollinger bands.
However, unlike now, the prices held on and continue to rise and peek out of the Bollinger bands. This may not seem much but when placed on the 1-week timeframe, the lower line of the Bollinger bands continue to stretch downwards and this is a sign that BNB may see a downfall in prices soon.
For those who wish to still trade BNB, traders are able to take positions at the support and the resistance of the ascending support and resistance line.
However, for those looking to go long, remember to place your stop loss as the risks to reward of going long now is very unfavourable with the risks overweighing the reward.
.
For those who would like to know more about the cryptocurrency community and not always read trading ideas or just want to take a break from trading but still want to do something cryptocurrency related, you are welcomed to my blogger website where I would post an average about 2 blogs per week generally about the cryptocurrency community and happenings in the cryptocurrency space.
trevorthetrader.blogspot.com
.
If you wish to donate, here are the addresses you could donate your coins to:
Bitcoin Address
3AC7bbBQvKdVTY5B2JhvkgyxcfAymWRehV
Ethereum Address
0x1Bc430e5c74541fb9b5aC833f8a38990E13228fe
BitcoinCash Address
bitcoincash:pq49556q9waej6gryt36eaxv7sx63eu39yr36hwm2w
Litecoin Address
MAbr3WfBCvVYz3FAkYA6ZtwEDLKqd2EANF
Thanks for donating! It is great to see my work being supported by you guys!
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