These days I see Binance Life is quite popular, just right that there's no market on Saturday to see what this altcoin is all about.
In the future, if there’s no market on weekends, I’ll try to write two posts about altcoins, for those who want to operate altcoins, just play lightly for entertainment, because there’s no market for Bitcoin and Ethereum, so let’s look at altcoins.
The daily level of Binance Life is forming a rounded bottom pattern, and this rounded bottom pattern has not yet completed; the target position for the rounded bottom 1:1 is 0.33811. If it can reach this position, those with bottom long positions or spot should exit when necessary; even if not fully exited, they should reduce positions as this is an altcoin, not Bitcoin, and cannot be too optimistic,
let alone fantasizing about a tenfold or hundredfold return.
Every day someone wins the lottery, so why haven’t you won? Because the probability of doubling is too low. Whether it can break through the previous high depends on whether Binance has any major promotional activities recently; once the rounded bottom is completed, it will move around 0.33811 and then consolidate after rising to choose a direction.
Although a piercing pattern appeared at the daily level, the subsequent two K-lines did not continue to decline. As long as the daily level can operate around this large bullish candle pointed by the yellow arrow, it will not have a deep pullback. Looking at the white arrow below, the MACD fast and slow lines at the daily level are all running above the zero axis, indicating that the current market is still controlled by the bulls, and it should mainly focus on buying on dips.
At the 4-hour level, it is forming a box consolidation between 0.24503-0.19498. If it can reach the lower boundary of the box, wait for a false breakdown and then recover, or wait for a bottom signal to buy spot—it’s a good position. Just stop loss if it breaks below the lowest price pointed by the left white arrow’s bullish candle. It’s best to wait for three K-line closing prices at the 4-hour level to all close below this large bullish candle before stopping loss; this is the 4-hour level’s strategy, looking up at the upper boundary of the box and near the previous high.
At the 1-hour level, the upper resistance is 0.23705; only by breaking through 0.23705 can we look up at 0.25670. You can wait to chase long after breaking through 0.23705, which is a more certain right-side trading. If we look at this wave’s Fibonacci at the hourly level, the 1:1 upward target position is 0.26629. If it breaks through 0.23705 and you chase long, the take profit target will be in the range of 0.25670-0.26629, just take profit there, don’t be greedy, too much greed is unmanageable.
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