Hello Traders,
I normally post some profitable trades in the tradingview, but I find this chart very interesting.
I am the big fan of binance coin and I see a very bright future ahead, but technical chart is telling me that there may be an imminent dip.
Looking at the daily chart for binance coin, we see that head and shoulders pattern is about to reach its completion.
Usually the target of head and shoulder pattern is the distance from the neckline to the top of the head, which is indicated in the pink line.
This idea is also reinforced by the double top formation.
Some people may argue that BNB is forming a bullish pennant pattern, but I believe that the rally from 14K to 18K simply lacks in volume, and this does not really fit the criteria for the pennant pattern.
Currently, BNB is trying to find the support at EMA 50 and I am very interested in how BNB will be reacting to this level. If BNB goes below this level, most likely it will hit 14.1K Satoshi.
I will short my position as soon as BNB goes below 14.1K.
Happy Trading.
I normally post some profitable trades in the tradingview, but I find this chart very interesting.
I am the big fan of binance coin and I see a very bright future ahead, but technical chart is telling me that there may be an imminent dip.
Looking at the daily chart for binance coin, we see that head and shoulders pattern is about to reach its completion.
Usually the target of head and shoulder pattern is the distance from the neckline to the top of the head, which is indicated in the pink line.
This idea is also reinforced by the double top formation.
Some people may argue that BNB is forming a bullish pennant pattern, but I believe that the rally from 14K to 18K simply lacks in volume, and this does not really fit the criteria for the pennant pattern.
Currently, BNB is trying to find the support at EMA 50 and I am very interested in how BNB will be reacting to this level. If BNB goes below this level, most likely it will hit 14.1K Satoshi.
I will short my position as soon as BNB goes below 14.1K.
Happy Trading.
Comment:
EMA 50 and 200 were rejected. Things are looking pretty bad for BNB.
Comment:
Bounced the the neckline. Retesting EMA 50/38.2% Fib level again.
Comment: