BNB has just hit a long-time downward resistance trendline while drawing a bearish rising wedge in the process. We also have a mid-term resistance line crossing exactly at the touch point of the most recent candle, which is the crossing point of the two aforementioned resistance lines. This, for me, is a triple confluence of resistance. If I was in a long position, I would conider taking at least some profits here into stables or at least BTC.
I could also consider opening a short position once the rising wedge breaks down and the break is confirmed. See the chart for details for my assumption on likeliness and potential levels.
A break to the upside is more unlikely. I would be extremely careful with an ylong positions and would consider takingquick scalping profits even below the potential price targets - please note these patterns and target prices rarely work when applied in inverse situations!
None of this isanyform of advice. I am also still learning technical analysis.
Please feel free to comment of criticize but please do so in a civilized manner. ;-) Good luck with your trading.
I could also consider opening a short position once the rising wedge breaks down and the break is confirmed. See the chart for details for my assumption on likeliness and potential levels.
A break to the upside is more unlikely. I would be extremely careful with an ylong positions and would consider takingquick scalping profits even below the potential price targets - please note these patterns and target prices rarely work when applied in inverse situations!
None of this isanyform of advice. I am also still learning technical analysis.
Please feel free to comment of criticize but please do so in a civilized manner. ;-) Good luck with your trading.