BNB Falling Wedge Breakout|Technical Target|Bullish Divergence
Hello Traders!
Today’s chart update will be on BNB/BTC which has broken bullish from its falling wedge formation that we have been looking at since September (chart is in the link below). We’ve had a bullish divergence confirmation with this break, now will BNB reach its technical target?
Points to consider,
- Trend broke major resistance
- Local support is currently being tested
- Structural resistance in confluence with target
- Stochastics showing upside momentum
- RSI respecting trend line
- Volume noticeably increased
- VPVR spiking in volume of transactions
- Potential new higher low
BNB has broken a key resistance line of the falling wedge pattern with decisiveness; this break is further sentenced with a clear bullish divergence. Price is now testing local support (S/R Flip), this level needs to hold to put in a new market structure.
Structural resistance is in confluence with the technical target of this falling wedge, BNB is highly probable to reach this target if local support holds true.
The stochastics are showing a clear change in momentum, there is a lot of room for bulls to work with in terms of stored momentum for the upside. The RSI is respecting its current trend line, converging from price (confirming bullish divergence), this further puts emphasis on the price reaching its technical target.
Volume has clearly increased upon breakout; this is very healthy as it confirms that this is not a false break. The VPVR is also showing noticeable spikes in volume of transactions, this being in confluence with increased volume further puts emphasis on the decisiveness of the break…
Overall, IMO, BNB has a high degree of probability to reach its technical target, this need to be confirmed with a respect of local support as this will establish a new market structure, putting in a higher low.
What are your thoughts on BNBBTC falling wedge breakout?
Please leave a like and comment,
And remember,
If you can’t take a small loss, sooner or later you will take the mother of all losses.” – Ed Seykota
Today’s chart update will be on BNB/BTC which has broken bullish from its falling wedge formation that we have been looking at since September (chart is in the link below). We’ve had a bullish divergence confirmation with this break, now will BNB reach its technical target?
Points to consider,
- Trend broke major resistance
- Local support is currently being tested
- Structural resistance in confluence with target
- Stochastics showing upside momentum
- RSI respecting trend line
- Volume noticeably increased
- VPVR spiking in volume of transactions
- Potential new higher low
BNB has broken a key resistance line of the falling wedge pattern with decisiveness; this break is further sentenced with a clear bullish divergence. Price is now testing local support (S/R Flip), this level needs to hold to put in a new market structure.
Structural resistance is in confluence with the technical target of this falling wedge, BNB is highly probable to reach this target if local support holds true.
The stochastics are showing a clear change in momentum, there is a lot of room for bulls to work with in terms of stored momentum for the upside. The RSI is respecting its current trend line, converging from price (confirming bullish divergence), this further puts emphasis on the price reaching its technical target.
Volume has clearly increased upon breakout; this is very healthy as it confirms that this is not a false break. The VPVR is also showing noticeable spikes in volume of transactions, this being in confluence with increased volume further puts emphasis on the decisiveness of the break…
Overall, IMO, BNB has a high degree of probability to reach its technical target, this need to be confirmed with a respect of local support as this will establish a new market structure, putting in a higher low.
What are your thoughts on BNBBTC falling wedge breakout?
Please leave a like and comment,
And remember,
If you can’t take a small loss, sooner or later you will take the mother of all losses.” – Ed Seykota
