Year-long uptrend is still in force, and we now know
BNB is currently in the middle of resistance-became-support channel. It had a strong breakout, followed by retracement of same force.
Conservative or retail buyers shall consider breakout of $20 level a BUY signal and set stop-loss at $18 area.
If $18 failed, we would likely see next strong support at $15-$16...
How should the perfect buy opportunity look like, if we talk about a trend reversal?
Here is an example for you that can be used with any timeframe and in any market.
The same setup as it is in other markets. The market formed a bullish divergence, which gives us a trend reversal signal.
If we look at the 4H chart, we will see the price at the downtrend line....
The idea is based on the repeating pattern - after each token sale on Binance Launchpad, Binance Coin (BNB) starts to grow up.
A simple proportional calculation gives 45.61% movement after Celer Network token sale (19.03.2019). Thus, BNB will break out the June Resistance line. I suggest a downward movement until token sale date - the same happened before...
Preference for further growth to 17.45, if the price breaks through this level, it will go to 17.75, from there it will most likely fall to 16.70.
If, with an increase to 17.45, the price will not be able to break through the resistance, then after it will go to break the trend and will fall to the red zone at 16.
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I'm going to show you my BNB trading plan in USDT . Soon the canal roof has changed. The chart is well explanatory and all possible action to do are well expressed.
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📊️So, the price still went below $ 23. Volumes speak of seller pressure.
Short and clear on the market situation:
📉Specific now there will be a flat in the shape of a bull flag, with a probable breakdown up.
There is also a great chance to go to the level of $ 18.8.
⚫️ We trade globally as part of a downward wedge.
✅ Fibo level coincides with line resistance.
I'm going to open the main long position for this coin in the zone between 21.80 and 20.00 resistance level. It is the support zone, and the market can bounce from it. For buying, we just need to get a reversal signal.
If the price breaks 20.00 resistance, SMA200 and SMA100 will act as trend lines. Reversal signals from them also will be good for buying.
The chart is well explanatory and all possible action to do are well expressed.
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I can count 5 waves down on the 15min so, I know that we'll see more bearish action in the future. How deep? Well, at least to <18
There is also some bull divergence on the 15min timeframe. Will we bounce soon? If correct, I expect a complex/sideways pattern with $21.8 as resistance followed by new dump.
My previous post about rising wedge patternt , and now we can see bnb is already toches 22$ and now we can see overthrow pattern, its so important and now sell singnal is confirmed and we can go down below 17.5$ - 17$. MACD trend line show as 3x success touches we can see sell signal and MACD lines can be crossing to downtrend. We already know rising wedge...