BNB/USDT Daily View: Descending Triangle 190 Before 340?
BNB/USDT is currently forming another major descending triangle on its daily chart .
The current situation indicates a strong selling power with some candle being a bearish one like a gravestone doji (although it's not that "fresh" or perfect). Another reason behind this selling power might be because it is near weekend. There is a high odds that the price will go down to the bottom of the triangle, 190.
From here (190), there are 2 possible scenarios. A, will be more likely, where BNB/USDT will rebound and try to break its pattern. If the break out does happen, the nearest target is 270-280 and for a longer term 340-350. Otherwise, if breakdown happens, the next line of support will be at 150-140. What do you think?
Just a beginner's view. Suggestions are welcomed!
Thanks!
The current situation indicates a strong selling power with some candle being a bearish one like a gravestone doji (although it's not that "fresh" or perfect). Another reason behind this selling power might be because it is near weekend. There is a high odds that the price will go down to the bottom of the triangle, 190.
From here (190), there are 2 possible scenarios. A, will be more likely, where BNB/USDT will rebound and try to break its pattern. If the break out does happen, the nearest target is 270-280 and for a longer term 340-350. Otherwise, if breakdown happens, the next line of support will be at 150-140. What do you think?
Just a beginner's view. Suggestions are welcomed!
Thanks!