Hello Everyone,
Welcome to the latest update on Theta/BNB 4 hr chart. This is currently a very interesting chart and there is a lot to discuss. We are showing SEVERAL signs of the bears reigning command. Currently we are entering/dropping into the upper level of the major support zone (green box). Where this chart starts to get really interesting is that. there is A LOT going on within this zone. As you can see, there is an "M" pattern in purple, this is a double top formation which, is typically a bearish sign. There is also a head and shoulders pattern shown in yellow and this portion shows the potential of the pair dropping down into the 0.00730 range. The neckline of BOTH the head & shoulders and for the "M" pattern all fall extremely close to the same level which is between 00820-.00840. There is a very large descending triangle pattern which starts on Feb 26th, when I forecast it and extended it out, it lasts through roughly April 20th.
Where this portion gets even more interesting is, the lower bar of the triangle also runs precisely with both necklines at 0.00803. But wait there's more!!! Just before the right shoulder forms there is a bear flag that shows the flagpole (black dotted line) extending down to around 0.0829. I do not foresee a drop that low happening but, it is definitely something I will keep in the back of my mind just in case something dramatic happens, All of these patterns fall within the upper portion of the major support zone range so my opinion is, even if this pair drops below the necklines etc., it still drops into the major support zone and, as long as it holds, this will be a good time to fill long bags. Also, for people who like long positions take a look at the green circles on the bottom. Those green circles have been entry point markers for long positions.
From here we will have to wait for more signals on the direction of travel, we haven't broken below the necklines, or the the lower bar on the triangle, however, we are very close!. Currently the bears have the ball in their court helping out the short trade side. My signals are showing me a stop loss of 0.01026 for shorts.
The volume has slown down and volatility is minimal on the bollinger bands and the pair currently trading on the lower band. The RSI is neutral at 42, Stochastic is on the oversold side at 21. Theta/BNB is also below every single moving average.
The bears are still here so use caution and do your research before long trading, or any trading for that matter. If you found this information helpful or useful please hit that like button and let me know you were here!
Good Luck and Happy Trading!
AWC
**This is for EDUCATIONAL PURPOSE ONLY and is not meant to be buying/selling advice.*
Welcome to the latest update on Theta/BNB 4 hr chart. This is currently a very interesting chart and there is a lot to discuss. We are showing SEVERAL signs of the bears reigning command. Currently we are entering/dropping into the upper level of the major support zone (green box). Where this chart starts to get really interesting is that. there is A LOT going on within this zone. As you can see, there is an "M" pattern in purple, this is a double top formation which, is typically a bearish sign. There is also a head and shoulders pattern shown in yellow and this portion shows the potential of the pair dropping down into the 0.00730 range. The neckline of BOTH the head & shoulders and for the "M" pattern all fall extremely close to the same level which is between 00820-.00840. There is a very large descending triangle pattern which starts on Feb 26th, when I forecast it and extended it out, it lasts through roughly April 20th.
Where this portion gets even more interesting is, the lower bar of the triangle also runs precisely with both necklines at 0.00803. But wait there's more!!! Just before the right shoulder forms there is a bear flag that shows the flagpole (black dotted line) extending down to around 0.0829. I do not foresee a drop that low happening but, it is definitely something I will keep in the back of my mind just in case something dramatic happens, All of these patterns fall within the upper portion of the major support zone range so my opinion is, even if this pair drops below the necklines etc., it still drops into the major support zone and, as long as it holds, this will be a good time to fill long bags. Also, for people who like long positions take a look at the green circles on the bottom. Those green circles have been entry point markers for long positions.
From here we will have to wait for more signals on the direction of travel, we haven't broken below the necklines, or the the lower bar on the triangle, however, we are very close!. Currently the bears have the ball in their court helping out the short trade side. My signals are showing me a stop loss of 0.01026 for shorts.
The volume has slown down and volatility is minimal on the bollinger bands and the pair currently trading on the lower band. The RSI is neutral at 42, Stochastic is on the oversold side at 21. Theta/BNB is also below every single moving average.
The bears are still here so use caution and do your research before long trading, or any trading for that matter. If you found this information helpful or useful please hit that like button and let me know you were here!
Good Luck and Happy Trading!
AWC
**This is for EDUCATIONAL PURPOSE ONLY and is not meant to be buying/selling advice.*
Trade active:
Correction:: The flagpole extends to roughly 0.00730 and the head and shoulders pattern extends down to 0.00294. The 0.0294 area is what I do not foresee happening but I will keep it in the back of my head. MY apologies that I did not catch the error after I wrote the initial analysis.