BNX Update: Where Is BNX Heading Next?

UPDATE:

Price didn’t quite reach the 0.618 fib retracement level we initially eyed for a short entry, it got very close and then faced rejection off the pitchfork upper resistance trend line. This rejection triggered a sharp 13% drop down to a low of $0.8278. After a brief bounce, I'm still waiting for price to drop further toward the support zone at $0.8–$0.78. So far, the trade is unfolding as planned.

In addition, price has lost the VAL and daily support level, both now acting as resistance. The daily support sits at $0.8939, with VAL just below at $0.8846. This zone has already been tested and rejected, making it a great shorting opportunity.

Looking ahead, if bulls manage to push the price up to around $0.91, testing the previous low that broke and aligns with the 0.618 fib retracement of that drop, we’d have an ideal low-risk, high-reward short opportunity.

Short Trade Ladder Strategy:

• Entry Range: Create a laddered short entry from the VAL at $0.8846 up to the 0.618 fib retracement at $0.9126
  
• Stop Loss (SL): Place SL above the daily Open
  
• Target: Aim for a target in the support zone at $0.8–$0.78
  
• Risk/Reward Ratio: This setup offers a risk/reward ratio of around 3:1
  

Stay tuned for confirmation signals as the price approaches these levels, and be ready to adjust if the market dynamics shift. Till next time! Happy trading and stay sharp =)