ππ BNB Crash? THIS Trade Hedges Us Against It!
Overview
Chart #1 - S&P 500 (SPX) Daily Chart
Chart #2 - BNB (BNBUSDT) Daily Chart
Chart #3 - Gold Spot (XAUUSD) Hourly Chart
Chart #4 - Bitcoin (BTCUSDT) 12-Hour Chart
Chart #5 - Fear and Greed Index
Chart #1 - S&P 500 (SPX) Daily Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
Over the last two days, the SPX has rallied from the 4,460 level of support to where it is currently trading at 4,505.Β
The SPX is getting very close to the descending resistance line, from the end of July, and the 4,540 - 4,630 area of resistance. This is an area that the SPX tested at the end of July and also at the beginning of September. If the SPX retraces from here, then the next area of support is at 4,440 β 4,460, with the daily support line just below that, at around 4,425.Β
The SPX is about a maximum of two weeks away from breaking through one of these two major trend lines.
π£πΏπΆπΊπ² π«ππ§
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Chart #2 - BNB (BNBUSDT) Daily Chart
Chartist: Kyle
(For the chart screenshot, click here.)
We drop this chart every couple of weeks, and it's worth giving an update with the recent trending FUD.Β
Binance.US is under pressure from the SEC and has seen high-level employees resigning. If there's one thing that could bring crypto down in a black swan type event, it would be Binance and the BNB token plunging to new lows.
This trade is our insurance trade, and the trade idea suggests that this should play out down to $133.
We will continue to hold this trade until A) it plays out or B) it gets stopped out.
π£πΏπΆπΊπ² π«ππ§
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Chart #3 - Gold Spot (XAUUSD) Hourly Chart
Chartist: Kyle
(For the chart screenshot, click here.)
The other chart worth mentioning is Gold, where we recently took a short trade.
The price has now tagged our second take profit at the yellow circle, which means we've taken 66% off the table. If the price consolidates above this pink box, then weβll cut the rest of the position and call it a day.
If it deviates back below before the end of today, then we'll leave the last 33% running and re-evaluate at the next critical level, which would be $1,890.
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Chart #4 - Bitcoin (BTCUSDT) 12-Hour Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
BTC got rejected at $26,800, and the price has retraced to $26,600.Β
Over the last four weeks, there have been multiple attempts where the price has tried to break through $26,800, but every time it got rejected. But also bearing in mind that it is making that level of resistance weaker. If the price can break through $26,800, then I think there will be a short squeeze, as the late short trades have their stop losses just above that line and would thus get liquidated as the price moves higher.Β
The next major level of resistance after that is at both the 200 Moving Average on the daily and the daily descending resistance line from July, which is at around $27,650. This will definitely be a very tough resistance to break through in one go.Β
The range low resistance area of $26,300 will currently be acting as support, with the next major area of support below that at $24,800 - $25,800.
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Chart #5 - Fear and Greed Index
The Fear and Greed Index is sitting at 45 today, indicating Fear.
The highest the index has been over the past seven days is 45, and the lowest is 30.
Banterβs Take
The bulls struck in the final seconds. If they can hold the price above $26,600 and then target and sustain above $28,100, there could be a real chance for the bulls to climb much higher next week.
Stay safe my friends!
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