BNB has been playing a cat & rat game with Bitcoin and got smashed when Bitcoin rallied up to $7,400.
Currently resting at both support line and 100 day moving average which has been acting as strong support for BNB.
BNB smashed through the 100 day MA but managed to climb back up, leaving a wick (bullish)
So where do we go from here? Should we sell and get out? Check out next pic.
What's Next?
If we close the daily candle above the 100 moving average then I would be pretty bullish. It has acted as support before and resulted in a huge rally when it held in the past.
There are currently 4 support lines that are saving BNB right now and it's:
100 EMA
Bottom of channel/pennant trend line (purple)
Bottom line of downward pointing wedge
Previous resistance where the 1st wave ended. (yellow area)
If these support levels don't hold, I will be prepared to close my position and take a loss.
Closing my position now wouldn't make sense cause we want to buy at support and sell at resistance
Not gonna tell you what to do but I will hold
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Disclaimer:
I'm not a financial advisor and these are only my opinions. I don't take any responsibility for any investments that you make based on my analysis.
