Entry at $84,400, stop-loss at $84,200, and target at $85,000 gives a risk of $200 and a reward of $600, which is a 1:3 risk-to-reward ratio—a solid setup.
Wait for a pullback to the $84,400 support level (bottom of the shaded area). This level has held as support recently and aligns with the 50 SMA, making it a strong area for a potential bounce.
Alternative Entry: If you’re more aggressive, you could enter on a break above $84,804 (the recent high), confirming a continuation of the bullish trend. However, this carries more risk due to the overbought RSI.
Alternative Strategy: Short Position (Bearish Setup)
If you believe the overbought RSI will lead to a correction, you could consider a short position. However, this is riskier given the current bullish trend.
1. Entry Point
Enter a short position if the price breaks below $84,400 with strong volume, confirming a rejection of this support level.
2. Stop-Loss
Place a stop-loss above $84,600 (top of the shaded area) to protect against a false breakdown.
3. Target
The first target would be $84,200 (the next support level). A deeper correction could take the price to $84,000 or lower.#WhaleMovements #BNBChainMeme #SECCryptoRoundtable #WhaleMovements 