BNB - Bearish Bat? Overbought? Potential Reversal! 40% long Q1!

BNB is in an interesting spot, fundamentally speaking: who knows what's really going to happen to exchanges like Binance once the big regulations start hitting crypto now that it's entering the main, mainstream. Aside from that it has good fundamentals: it's used for decreased trading fees on the highest volume crypto exchange and you can stake it for passive income with Binance's push into the DeFi zone.

Technically, it looks like we might be seeing a potential reversal short term, with a bearish bat fractal forming up as well as an overbought RSI right around fib .786.

Decent buy volume, but not as big as the last spike.

I'm looking for a potential entry for a long position around EMA 21/50, with targets marked up to $41 area in Q1 2021. Might Short down to that point on futures with an SL at fib 1.0, I haven't decided on that one yet.

This is not financial advice

Kommentera:

TP 1 Hit :)

Kommentera:

all tps hit, if you followed this congrats. Was a perfect hit.