BONKUSDT Long SFP Entry Model

In todays chart analysis - BONKUSDT - clearly trading at a local resistance that has technical confluence with the .618 Fibonacci and the local S/R, a rejection is possible.

Author

Bitcoin Insider
November 06, 2024 • Estimated Reading Time: 4 minutes

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In Todays analysis, we will focus on the recent price action on BONK, it is testing a local resistance area where a rejection will continue the range. A test of the range low needs to be monitored for execution-able trade.  

Today’s report will also include:

  • Key Technical Levels

  • Other key market developments

  • Wisdom Drops

BONKUSDT

In todays chart analysis - BONKUSDT - clearly trading at a local resistance that has technical confluence with the .618 Fibonacci and the local S/R, a rejection is possible.

Points to consider ✍️ 

  • PA Trading Range

  • Trend Line Support

  • Swing High Objective

  • SFP Entry Model

Price action is currently rotational in a local range, the lower support has been established with a trend line confluence, this adds validity to the level.

The current resistance is also clear, it is currently being challenged by price action, continued trading below this zone signifies weakness.

Overall, from Bitcoin Insider’s perspective, BONKUSDT is a valid long once support get tested, an appropriate entry model will be the SFP Model.

Price action is to be used upon discretion and/or management ✍️ 

Hope this analysis helps.

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