BNB/BTC is positioning perfectly for a bearish head & shoulders pattern but EVERY indicator is saying otherwise.
Despite what the indicators say, you can see how this pattern could be setting up. Clear neckline, prominent head and left shoulder, and a struggling Bitcoin market.
Yes BNB is outperforming the BTC market right now but if alt-coins decide to have their moment next, I think we can expect a lot of people to pull out of BNB and ride the alt-coin run ups.
This change could satisfy the criteria to form the right shoulder, as demand for BNB decreases.
Right now though bullish indicators are suggesting that BNB will break above the current resistance, but could be pushed back at the stronger uptrending resistance line above.
Bullish Indicators (over 1D candles):
- MACD, RSI and CMF are all recovering over signal lines/ oversold line.
- 25/50 EMA showing a bullish convergence.
Despite what the indicators say, you can see how this pattern could be setting up. Clear neckline, prominent head and left shoulder, and a struggling Bitcoin market.
Yes BNB is outperforming the BTC market right now but if alt-coins decide to have their moment next, I think we can expect a lot of people to pull out of BNB and ride the alt-coin run ups.
This change could satisfy the criteria to form the right shoulder, as demand for BNB decreases.
Right now though bullish indicators are suggesting that BNB will break above the current resistance, but could be pushed back at the stronger uptrending resistance line above.
Bullish Indicators (over 1D candles):
- MACD, RSI and CMF are all recovering over signal lines/ oversold line.
- 25/50 EMA showing a bullish convergence.