Episode Highlights:
- 00:04 – Trading Opportunity
- 02:19 – Bnb Technical Analysis
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Transcription:
Hey guys what’s up? It’s Dan again from cryptoCamacho.com
00:04 – TRADING OPPORTUNITY
And hey guys, I have another trading opportunity for you right behind me BMB Bitcoin pairing on Binance. You guys when you when you look at charts, you know for a long enough period of time, you start to recognize a pattern. So, the best things you can do to learn about trading is to literally look at charts all day. Just look at charts, look at some of the same charts over and over, so that you could start to kind of see the patterns emerging. And how the actual price travel is kind of up and down for a particular cryptocurrency so, a word of advice there. Just start watching charts regularly, start watching the same charts regularly. Start trying to find patterns of you know charts; that you’ve been watching over time, and I guarantee over time you will learn that there are patterns and things that you can actually you can find and see in the charts. if you just watch for them over time you know over about a year, a year and a half ago, I had no experience doing any type of trading, any type of technical analysis. Now I actually know the charts very well. I can see the patterns emerging; I can see the highs and lows as they go, not always obviously. I don’t have a crystal ball, but I can see patterns emerging. I can see highs and lows starting, I can see you know fractal waves forming. You know whether it’s high or low going up or down. I just start to recognize these patterns and it’s extremely helpful in my trading because I can see when a pattern is about to emerge, with a price that may go up right. So, BNB…the BTC/BNB a pairing on Binance is what you’re looking at right here. I see another pattern emerging here, and I think that BNB could be poised to jump up here pretty soon right. so, I’m looking at this one date chart on the Binance for BNB just to zoom out, just to give you some context here of what’s actually happening. You can see that the pattern forming here is kind of a bullish trend and going up and actually let me add…hold on one sec let me change the color of this just so that it’s a little bit easier for you guys to see right. So, we’ve had a series of highs and lows right. So, here’s the resistance point, let me just get my crayon here. Yellow yeah, I like yellow.
02:19 – BNB TECHNICAL ANALYSIS
Okay, so, here’s support, support, support and we’re working on another support level right here. So, the reason I think that BNB can actually bounce is because look at all of the previous bounces that we’ve seen right. There are a couple reasons right. So, typically we see a strong drop right before a bounce for BNB right. There’s one as an example; we see another drop here’s another example and continues to go on right. So, we see a slow decline and then it bounced right. A slow decline and then it bounced. So, slow decline and then it bounced a slow decline and then it bounced, but where does the bounce actually take place right. I like to draw lines at the previous highs, and previous lows, because what typically happens is it will bounce. So, let me just show you this as an example; so, there was a bounce right here right and then we see a retraction back down and it typically retracts and goes down to the previous high of the last bounce right. So the previous high of the last bounce is right here. And you can see that it dipped all the way to the previous high, the last bounce and then it bounced again. So, let me just draw a little line, so you can kind of see what I’m talking about. So, there’s one right there right. So, we got the previous high right here and then we have the low right here and a balance of that previous high right. You get that, that makes sense right. So, now what’s going to happen is the same thing right here right? So, we see a low and then we see a bounce, and then it goes back down to the previous high right. so, we’re seeing again right now the price of BN B is at one of the previous highs, that we’ve seen it at the likelihood that this bounce is very strong because it’ll go up something like this right alright. So, that’s kind of one reason right there to explain what’s going on here. Now let’s zoom in a little bit further, just to on the one-hour chart. So, think this will be a little easier for you to see, but it happens over and over and over right. The same thing boom, we go up not quite as high as the last time, then we start going down right. We go down, we go down right here and we’re going down and down and down. Again and so this has happened right where we go slowly down right here, slowly down bounce up, slowly down bounce up, slowly down, slowly down, down, down, down. And this one is poised to bounce up at any moment. And it could go down a little bit further that’s possible right. But it keeps happening this way over and over. And so, I think there’s a high likelihood that this is going to bounce pretty, pretty soon here. So, let me clean this up. I also want to show you one other thing here. Let me zoom out all right. So you can also see that the trend is going up and this charts a little hard to read on the one day, but the trend is going up you know you could see the last high, the last high it’s a little bit higher right. Again another indication this is a…this next one is a little…this is a little higher than the last top area of resistance right. So, next, I think we’re going to see this going you know it could go a little bit further down, I mean we could definitely go past this right here, to this one right here. And if we do what would happen is we’d go right over to this high right. And I want this work right here…sorry guys trying to fix my Coinigy right here. And yeah if you guys are interested, I am using Coinigy. So, in the case that we see a bear market starting again, which right now we’re not in a bear market, but if we did…why isn’t this working? I don’t know why my charts not working. All right let me clear it let me start over. There we go all right. So, we could see it drop you know all the way to here. I mean that’s possible right, which I think over time that could actually happen, but I think there is going to be a small bounce you know right around somewhere up here right. And it’s going to happen any time now. And then it could continue we could see a small right here. And then continue going down. That I think most likely what’s going to happen, but I wanted to give you guys this, because I think this is an opportunity to watch. So, keep watching BNB. You guys let me know what you think. If this is a good opportunity for you, be careful, I’m not a financial adviser, but I do you know day trade and I think this could be a good opportunity for a short-term to midterm play here guys. I’m Dan from cryptocamacho. Hopefully this was useful? Looks like we’re starting to go up, the hour charts are showing that right here. It’s forming right. Okay anyway see you guys.
