Should We Sell Or Hold?
- Currently down 2,7% on my Binance position.
- 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.