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FieryTrading
Jun 30, 2021 10:55 AM

🔥 BNB Triangle Break Out Soon 

Binance Coin / TetherUSBinance

Description

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Over the last week, BNB has formed a classical bullish triangle. Classically speaking, this is a bullish pattern. But since alts are highly correlated to BTC, this break out could go two ways.

In the bullish scenario, BNB will bounce off the lower support and move up towards the upper resistance, potentially breaking out of it. BTC will need to break out through the 36k resistance in order for this to happen.

In the bearish case, BTC will move back towards 34k (potentially lower) and BNB could go as low as $270, following BTC on foot.

Keep a close eye on BTC when trading alts.

Happy trading!
Comments
CryptoSignal2
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Moon 🌙 time
financialflagship
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Nice analysis, many thanks. 🔥🔥
caldooninvestment
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Very strong idea mate
Babenski
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looks like we will have decision zone soon
jojofang0901
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agree and like to see a bullish price to continue further :)
MMBTtrader
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Strong support zone here
gwops3201
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At this stage all is BTC correlated, the only difference is the beta one alt manages to perform against the BTC.
FieryTrading
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@gwops3201, Indeed!🔥
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