BNT returned in sideways trend
Updated
BNT is ranging since May 2021. Support that built at $2.66 on June was tested again one month later in the form of a fakeout. In January 2022, price passed through $2.66 and found strong resistance in the high demand zone between $2.30 – 2.08.
In the 4H LTF, BNT was accumulated between 22 Jan. and 05 Feb. That in conjunction with the long tail candlesticks - in the same period – indicates that large traders absorbed all the coins that sold below $2.30.
Yesterday BNT returned in sideways trend in relatively low volume. That’s not necessary a bad sign. Besides, changes in price are relatively small. Today, $2.60 level retested again.
If you want to go long, a position below $2.8, take profit near psychological resistance at $5.00 and stop loss below $2.30 or $2.08, gives you a R/R >3 - 3.75.
A conservative target if we gain psycho resistance is between $10.00 – 8.00.
I’ll keep my report updated to any significant changes.
In the 4H LTF, BNT was accumulated between 22 Jan. and 05 Feb. That in conjunction with the long tail candlesticks - in the same period – indicates that large traders absorbed all the coins that sold below $2.30.
Yesterday BNT returned in sideways trend in relatively low volume. That’s not necessary a bad sign. Besides, changes in price are relatively small. Today, $2.60 level retested again.
If you want to go long, a position below $2.8, take profit near psychological resistance at $5.00 and stop loss below $2.30 or $2.08, gives you a R/R >3 - 3.75.
A conservative target if we gain psycho resistance is between $10.00 – 8.00.
I’ll keep my report updated to any significant changes.
Note
Bitcoin correction is expected and may drag other alts below their supports. Do not panic sell. Always DYOR!Trade active
Markets are falling due to Russia - Ukraine tensions. That can not affect the market in the long run. Stay to your plan. Do not panic sell!
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