Is BNB forming a potential Head and Shoulders pattern?
BNB has been performing outstanding for some time now. Also as predicted in out earlier Idea that BNB could potentially touch new ATH.
However what is interesting to see here is that BNB could form a potential Head and Shoulders pattern, if it manages to touch the Neckline. Neckline is till below its usual upward moving channel. However if BNB breaks lower part of upward channel (Green lines) then it will be officially in an H&S pattern. If this is the case then we might not see another ATH any time soon. Going by the pattern we have two scenarios here:
Scenario 1 (Red Path) - BNB to continue its journey and breaks current ATH to create a new ATH.
Scenario 2 (H & S Pattern) - BNB to stay below current ATH and could potentially break S1 and then try to recover between S1 & S2.
May be next couple of hours could give us much more clear picture of where BNB is heading.
If you like my analysis then do drop a LIKE and a COMMENT. Also dont forget to SHARE it with your friends.
Also dont forget to smash that FOLLOW button to get daily analysis of multiple crypto currencies
NOTE: These are my personal notes and in no way a financial advice. Do your own research and trade wisely.
However what is interesting to see here is that BNB could form a potential Head and Shoulders pattern, if it manages to touch the Neckline. Neckline is till below its usual upward moving channel. However if BNB breaks lower part of upward channel (Green lines) then it will be officially in an H&S pattern. If this is the case then we might not see another ATH any time soon. Going by the pattern we have two scenarios here:
Scenario 1 (Red Path) - BNB to continue its journey and breaks current ATH to create a new ATH.
Scenario 2 (H & S Pattern) - BNB to stay below current ATH and could potentially break S1 and then try to recover between S1 & S2.
May be next couple of hours could give us much more clear picture of where BNB is heading.
If you like my analysis then do drop a LIKE and a COMMENT. Also dont forget to SHARE it with your friends.
Also dont forget to smash that FOLLOW button to get daily analysis of multiple crypto currencies
NOTE: These are my personal notes and in no way a financial advice. Do your own research and trade wisely.
