BNB Trading Plan 03.07: Channel Continuation or Breakout
Hello dear Binance Coin traders, let's have a look at the lead bull, the 'alpha' in crypto space, even stronger than Bitcoin himself! ;)
Our last idea perfectly captured the channel range, which we kept on going down, I didn't even have to adjust the parallel lines:
This channel will see a bullish breakout some time (the likely scenario), or still keep continuing the downward channel towards $30 support (the more it does, the unlikely it becomes to continue that). The lower Highs to break come in at $33.5-34.
What is the bigger picture?
If we see the bounce from the bulls from the $30 support, we can look towards a lower High compared to the $40 top, which could potentially mark the right shoulder of a complex Head & Shoulder pattern:
If the neckline of that potential H&S gets broken down, we could see further bearish action. If on the other hand, the bulls keep the EQ range between Head & right Shoulder, then we have the potential to tighten further & eventually break the 40 bullish, which is right now the unlikely scenario. But we still have plenty of time until then.
Do you have a trading plan with sheets, or are you trading from your head? Do you revenge trade, trying to make the money you lost back immediately, taking huge risk, losing even more? Are you already making gains over the long-term, like a casino, or are you still losing huge amounts, because you have no idea what your strategy is? => Those are all important questions, where are I can help you with. Psychology is half the rent in trading, if you don't take it seriously, you will crush your account. I wish you a good trading! :)
Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
Our last idea perfectly captured the channel range, which we kept on going down, I didn't even have to adjust the parallel lines:
This channel will see a bullish breakout some time (the likely scenario), or still keep continuing the downward channel towards $30 support (the more it does, the unlikely it becomes to continue that). The lower Highs to break come in at $33.5-34.
What is the bigger picture?
If we see the bounce from the bulls from the $30 support, we can look towards a lower High compared to the $40 top, which could potentially mark the right shoulder of a complex Head & Shoulder pattern:
If the neckline of that potential H&S gets broken down, we could see further bearish action. If on the other hand, the bulls keep the EQ range between Head & right Shoulder, then we have the potential to tighten further & eventually break the 40 bullish, which is right now the unlikely scenario. But we still have plenty of time until then.
Do you have a trading plan with sheets, or are you trading from your head? Do you revenge trade, trying to make the money you lost back immediately, taking huge risk, losing even more? Are you already making gains over the long-term, like a casino, or are you still losing huge amounts, because you have no idea what your strategy is? => Those are all important questions, where are I can help you with. Psychology is half the rent in trading, if you don't take it seriously, you will crush your account. I wish you a good trading! :)
Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
