manotrader2k

Signs of upcoming BNB pullback

Short
BINANCE:BNBUSDT   Binance Coin / TetherUS
Price has been inside of an upwards channel for a while. After failing to break out of it to the upside twice, RSI divergence has also formed. Volume is decreasing throughout the uptrend and if price rejects the top of the channel we might see a pullback to a previous untested level - which also alligns with the 50% fib level. (providing it gets past the demand zone). If this scenario plays out, it could also produce a Head and shoulders pattern and we could see price retest the bottom of the channel.
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