$BNB After surging to 810, it pulled back. Is this an entry point or are we halfway up the mountain? What should you do?
Yesterday, BNB shot up to 811 in one huge green candle. The group celebrated for less than two minutes before people started taking profits. It’s now at 782, down nearly $30.
On the charts, 810 is where many people set their take-profit targets. A lot of people went long at 700, and as soon as it climbed above 800, their first thought was to cash out and run. On top of that, there are plenty of bagholders above 800, and those who can finally break even are rushing for the exits faster than anyone.
But this pullback looks like a normal retracement after profit-taking. If it were a high-volume crash, we’d see one huge red candle after another, leaving you no time to react and get out.
As for what to do right now, entering at the current price feels a bit awkward. Don’t rush to buy the dip, but don’t panic-sell either. Keep a close eye on whether 780 holds and whether price can reclaim 790 on strong volume.
A pullback after a surge isn’t scary. What’s scary is not being able to tell whether it’s just a shakeout or a trend reversal. If you’re still unsure which way the market is headed, come discuss it in the chat room: #币安推出BinanceIntelligence
Yesterday, BNB shot up to 811 in one huge green candle. The group celebrated for less than two minutes before people started taking profits. It’s now at 782, down nearly $30.
On the charts, 810 is where many people set their take-profit targets. A lot of people went long at 700, and as soon as it climbed above 800, their first thought was to cash out and run. On top of that, there are plenty of bagholders above 800, and those who can finally break even are rushing for the exits faster than anyone.
But this pullback looks like a normal retracement after profit-taking. If it were a high-volume crash, we’d see one huge red candle after another, leaving you no time to react and get out.
As for what to do right now, entering at the current price feels a bit awkward. Don’t rush to buy the dip, but don’t panic-sell either. Keep a close eye on whether 780 holds and whether price can reclaim 790 on strong volume.
A pullback after a surge isn’t scary. What’s scary is not being able to tell whether it’s just a shakeout or a trend reversal. If you’re still unsure which way the market is headed, come discuss it in the chat room: #币安推出BinanceIntelligence