BNB is moving in a descending triangle since Nov 23rd und is most probably a few hours away from a downside breakout.
The descending triangle formation is confirmed by a declining volume throughout the pattern and a strong RSI resistance at its 50% level.
That will be the 1st of 2 possible downside breakouts, as the right shoulder is about to form.
Once the whole (Over 2month old) Head and Shoulders pattern is formed, volume at the right shoulder will be the key to determine wether the odds favor a bigger subsequent decline or a failed H&S pattern.
Caution is required!
The descending triangle formation is confirmed by a declining volume throughout the pattern and a strong RSI resistance at its 50% level.
That will be the 1st of 2 possible downside breakouts, as the right shoulder is about to form.
Once the whole (Over 2month old) Head and Shoulders pattern is formed, volume at the right shoulder will be the key to determine wether the odds favor a bigger subsequent decline or a failed H&S pattern.
Caution is required!
