aamonkey
Long

How To Trade the next BNB Swing (Ascending Triangle)

BINANCE:BNBUSDT   Binance Coin / TetherUS
We are currently in a big ascendig triangle formation (green line + 0.5 Fib/white line)

Option 1 (O1/red):
So first of all lets talk about the less likely option that thing can play out.

If we break through the green line we can fall all the way to the 0.618 Fib, where I definitely expect a bounce of this Fib.

We bounced many times of this support, meaning it is a major support (See bigger picture I posted below).

Meaning that if we will break through the triangle I can get BNB at an amazing discount.

I then will start taking profits at the "safe buy in" zone. (with a profit of 20%)

Option 2 (O2/green):
If the ascending triangle holds true and we bounce of the "decision area", I expect the price to break out of the ascending triangle and retrace to the "safe buy in" zone.

From where it then will go start going up again.

I then target the 0.382 Fib as a target, where I start taking profits (15% from the "safe buy in").

Advanced:

If you are a little bit more advanced I would advice to buy some BNB at the "decision area" and by more if we break through the triangle or if we don't start taking profits at the breakout of the triangle (or even buy more).
Then you would have to take some profits at the top before we retrace to the "safe buy in" zone, and of course buy more at the "safe buy in" area starting to sell again at the "sell target".


Aug 06
Comment: I think it is always important to look at the big picture in order to know where in a market cycle we currently are and to see important support/resistance lines.

So here you can how we fall through the strong upwards channel and how we bounced of the 0.618 Fib several times now.
Aug 06
Comment: The Pitchfork is heavily supporting the idea that the ascending triangle holds true and we bounce. (option 2)

Giving you the 1. buy in + the 1. target:
Aug 06
Comment: And the weekly chart for the mega pattern again supporting a bounce:
Aug 06
Comment: If you think this information is helpful, please support my posts by your LIKEs! It will motivate me to write more posts and share with you my ideas about the markets. Thank you!
Aug 07
Comment:
Aug 09
Comment: Because of the blood we broke out of the ascending triangle, which now no longer holds true.

However, as I expected we bounced in the orange zone.

All intraday trader where able to make 4% profit in 11h.
Aug 09
Comment: So the major support hold true.
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