$BNB has been gaming all day and checked the charts before bed, suddenly noticing that BNB has skyrocketed today.
From the liquidation data, it seems like the bears have been heavily liquidated, and currently, net longs are still entering the market on the 1-hour timeframe without showing signs of exhaustion. The pattern looks like a triangle; could we be looking at a target of 780? Additionally, I've noticed that 780 is also the 0.618 Fibonacci retracement level for this daily downtrend.
My strategy:
I still believe we're in a bear market, and I'm not looking to chase longs. Although I don't know why BNB is so strong right now, my trader's instincts are itching. So, I’m going to place a short order for now and will decide whether to close it or add to the position when we hit 780 🛏💤
From the liquidation data, it seems like the bears have been heavily liquidated, and currently, net longs are still entering the market on the 1-hour timeframe without showing signs of exhaustion. The pattern looks like a triangle; could we be looking at a target of 780? Additionally, I've noticed that 780 is also the 0.618 Fibonacci retracement level for this daily downtrend.
My strategy:
I still believe we're in a bear market, and I'm not looking to chase longs. Although I don't know why BNB is so strong right now, my trader's instincts are itching. So, I’m going to place a short order for now and will decide whether to close it or add to the position when we hit 780 🛏💤