Binance Coin (BNB) Bounce off support, cool down soon.

Hey everyone, I was trading BNB the last 48 hours and currently we have got a nice bounce off the support zone. However, as we are currently in a bear market, it is likely BNB will need to cool off.

Therefore, if you do hold it, I recommend you sell and wait as we have been rejected from the 18355 level.

Reasoning:
Bear market, big chance we will continue the trend, this may be a short term correction. RSI shows we are near the top for now.

Therefore, if you do hold BNB, have a stop loss at 17154, which is the trendine that BNB has respected on both the 4 hour and the shorter timeframes.

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Thanks for reading! Please leave any comments below. I will respond to all of them.

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Slight chance of breaking up, good long entry.

I believe it will fail however, but I have allocated some btc in preparation.

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Keep in mind we need a close above.

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Not entering until we break and find support at resistance. Safer trade and less chance of false breakout.

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if you miss it you miss it. This one going bad can wipe out 25% of my gains today.

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This is what im expecting with the bear div. However it seems when btc drops bnb goes up in sat value.

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BNB broke out :D. Glad I hold BNB to use as trading fees, cause this thing defies my expectations each time it continues moving up. I think it needs to cool off for now, hit first resistance.

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Yeah we have breakout after breakout. BNB still very strong.