BNB breakout could go either way
Updated
As you can see from my analysis, a breakout could be happening soon and BNB can go either way.
I've drawn a fibonnaci retracement level for you to set your targets, normally I would go for a 100% on the fibbonaci level which in this case is about $806 but I usually stay conservative and not ambitious.
With that, I would place a target at around the 50% point which is around $704.
There is strong support at $603 as you can see which is where I placed the bottom of my fibbonaci line but I do not normally place your stop loss at the support level otherwise if it gets retested, my position will just close out hence I have identified another position to place my stop loss which is around $596 where you have some breathing space.
Entry: $630
TP: $704
SL: $596
Still new to this, would be delighted to hear other opinions, please share them here thank you!
I've drawn a fibonnaci retracement level for you to set your targets, normally I would go for a 100% on the fibbonaci level which in this case is about $806 but I usually stay conservative and not ambitious.
With that, I would place a target at around the 50% point which is around $704.
There is strong support at $603 as you can see which is where I placed the bottom of my fibbonaci line but I do not normally place your stop loss at the support level otherwise if it gets retested, my position will just close out hence I have identified another position to place my stop loss which is around $596 where you have some breathing space.
Entry: $630
TP: $704
SL: $596
Still new to this, would be delighted to hear other opinions, please share them here thank you!
Note
Update:We can see that the breakout was bullish but was met with resistance at the 0.382 fibbonaci level.
Price direction will depend on whether BNB can retest the 0.382 level again and breakout of it.
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