- Here we can see a strong reversal candle (circled in light blue) and also a cup pattern, this can result in mainly two scenarios...
- BNBBTC goes straight up if prices can conquer EMA50 (0.002309) today.
- Prices can also print a small drop before moving up, this would complete the classic pattern.
Remember that charts are always changing, so a chart today can become tomorrow... Always have a plan before you decide to trade... Let's continue!
Here we have the weekly chart for Binance Coin ( BNBBTC )
After a new low was hit, BNBBTC bounced and prices are currently trading above EMA100, weekly candle closes today for signal confirmation.
Resistance is now being met at EMA10 (0.0020477), this is a very important level.
- Conquering EMA10 can lead to a 55% jump, easily.
- But if prices for BNBBTC retrace and close below EMA100 (0.0019604), we will test the lower support (red arrow).
Additional information can be found on the chart.
Thanks a lot for reading.