Just a beginner's view. BNB/USDT is possibly trying to form a bullish flag. If the breakout happens, 340 is only a matter of time. Otherwise, if it fails and hit the top channel, it might goes to the middle channel line (240) or even the bottom (200). Suggestions are welcomed. Thanks!
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The breakout is happening and currently BNB/USDT is in its pullback phase. The price might drop into 275-270 before it continues to 300 and 340. On the other hand, if the price goes back into the parallel channel, this will indicate a false breakout.
Close to breakout. I'll take the 340 within 24 hours.
cupnuudle
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@Blacktip17, I'm pretty new here, what are the indications of this breakout?
dionisiusdh
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@cupnuudle, the breakout is indicated when the chart 'breaks out' from the blue parallel channel. As you can see, this is happening as of now
cupnuudle
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@dionisiusdh, Ooh understand, thanks. Any particular reason why target of 340?
dionisiusdh
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@cupnuudle, as we can see in the 1 hour chart, near the ath (all time high) candle there are 3 similar candles that hit 338-340 and failed to break from the price range. We can conclude that the 340 is a pretty strong rejection area. So BNB/USDT might go to that area in order to 're-test' and try to break the 340 price point. But at the moment, the nearest target is 300.
SamTheNoviceTrader
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I'm gonna bet on 340, the question is will it break 340?
dionisiusdh
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@rasoulaskari2020, imo 340 is a very strong rejection area (which had been only tested once and the top 3 candles are hitting that spot) and I think there will be a chance, but a low one, for it to break 340 on the 2nd try. But if it fails, it might be going sideways for some moment. We'll see...