As you can see from the chart, price is climbing but the RSI is declining. This could be a signal of an incoming trend reversal which I expect will draw a new local lower low.
If the declining resistance line can not be broken in this rally then chances ore increasing for the bearish divergence I mentioned above to play out.
If we see a breakout than this...
In log scale, BNBUSDT shows a clear uptrend in the green channel shown. BNB is strong with the upcoming events from Binance such as:
1. Margin trading live in binance.com
3. New IEO from lunchpad
4. binance dex is seeing adoption
5. Coinburn will take place on nearly 15th of July.
Expected price is 60$ within first week of July.
Fibonacci level 50 and 23.6 will be our resistance levels. 23.6 is harder as you can see it's been traded much more.
Currently stoch RSI is oversold but pointed up. I take it as a buy signal. Exit strategy is : Look for fibo level 50 if it reject then sell to buy from the dip once more. I think first touch could be rejected but 2nd one will pass through until the...
Massive dump happened today. Everyone was expecting this. Question is how low can the BTC price go. Fibonacci level 38.2 coupled with huge support zone in 6800-6300 USD may hold the drop and reverse the trend once again to the bullish trend. If not level 50 in Fibo around 5800 USD should hold it.
Symmetrical tirangle pattern is clearly visible. Possible breaout direction is expected to be upside because of the general trendline. Fibonacci levels shows possible profit locations.
Wait until the breakout confirms. Meaning at least 1 candle closing above.