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Is $BNB setting a trap or a launchpad?
Looking at the 1h chart and that wick down to 616.01 was pure chaos. It looked like we were headed for a total meltdown but the bounce back to 639.14 has been surprisingly aggressive.
The volume on this recovery is actually decent which shows some real conviction from the buyers at those lower levels. However the order book is looking a bit scary right now with over 80% on the sell side. That is a massive wall of resistance standing in the way of any further move up.
Price action is currently testing the 640.00 area. If we can't clear this resistance soon we might just see a slow bleed back to test the 625.00 support again. If we do break through that sell wall though things could get interesting very fast.
I am keeping a close eye on the volume over the next few candles to see if the momentum is fading or just getting started.
#YiLihuaExitsPositions