BNB in a bullish triangle. How will Binance coin continue?
Atualizado
Hello traders,
We are looking at the 4 hour chart of Binance coin BNB. A coin that has already had an impressive rise.
Currently, the price of BNB has formed a Bullish triangle. Why Bullish? Because a triangle in a rising market is bullish, unlike a triangle in a falling market which is bearish.
They are often continuation patterns. BNB is now at the resistance level at USD 550. The RSI has just broken out but the volume seems very low so it is suspicious.
The 2 Sscenarios for now are that we see the price rise to the upper trend line, if the resistance at 550 is broken, or BNB falls back to the lower trend line of the triangle.
The best risk reward is to go long on the lower trendline or wait for a break-out at the upper trendline of the trangle. This breakout of course with volume. close of the candle and a retest of the upper trendline.
Personally I am not yet bullish on the whole market. Today's rise seems to me a short squeeze to stop out lots of traders but whether the rise is sustainable remains to be seen in the next few days. We all know how the crypto market is manipulated bij institutons. Their goals is to take your money and they have the capacity to change the market in a fraction!
By the way, I also I noticed that there are on the 2 hour time frame many coins with a Demark 9 sell signal. Not so strange after de rally from today of course.
Please share your thoughts and explain why and how. Also for the market in general en Bitcoin it self.
Which coin started the impressive rise in prices today? It is extremely interesting to look at the mechanics behind it, the correlation between the ALTS and BTC. We have Bitcoin dominance but there are so many more factors which cause the inflow of money and buy orders. Investigate this is not only very interesting but it can also be very profitable!
We are looking at the 4 hour chart of Binance coin BNB. A coin that has already had an impressive rise.
Currently, the price of BNB has formed a Bullish triangle. Why Bullish? Because a triangle in a rising market is bullish, unlike a triangle in a falling market which is bearish.
They are often continuation patterns. BNB is now at the resistance level at USD 550. The RSI has just broken out but the volume seems very low so it is suspicious.
The 2 Sscenarios for now are that we see the price rise to the upper trend line, if the resistance at 550 is broken, or BNB falls back to the lower trend line of the triangle.
The best risk reward is to go long on the lower trendline or wait for a break-out at the upper trendline of the trangle. This breakout of course with volume. close of the candle and a retest of the upper trendline.
Personally I am not yet bullish on the whole market. Today's rise seems to me a short squeeze to stop out lots of traders but whether the rise is sustainable remains to be seen in the next few days. We all know how the crypto market is manipulated bij institutons. Their goals is to take your money and they have the capacity to change the market in a fraction!
By the way, I also I noticed that there are on the 2 hour time frame many coins with a Demark 9 sell signal. Not so strange after de rally from today of course.
Please share your thoughts and explain why and how. Also for the market in general en Bitcoin it self.
Which coin started the impressive rise in prices today? It is extremely interesting to look at the mechanics behind it, the correlation between the ALTS and BTC. We have Bitcoin dominance but there are so many more factors which cause the inflow of money and buy orders. Investigate this is not only very interesting but it can also be very profitable!
Comentário
Hello tradersHere an update. The pattern changed. Tricky here is that a breakout above the trendline is not a break of the ATH. We want to see good volume otherwis it can be a false breakout which happens lately a lot. Going long on the re-test of the upper trendline is the best.
It is also possible we fall back but BNB is a very strong coin and looks pretty bullish!
Comentário
We are now at the ATH 642 but ... Volume is decreasing. To go long now we need a clear break above the All time high with mre than average volume. then with a retest of the broken ATH we can think of a long position.Comentário
Wath the pattern closely. If we break ATH now than we will form a new upward trendchannel with higher targets!
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