Stuck in a Channel (You Can Get Out Of) - Binance Coin (BNB)
After the good news and massive pump, BNB has created a pennant, and I was hoping that we would break out of that to the upside (see my previous post). However, with BTC taking a massive dump, that was not bound to happen.
Instead, BNB withstood the storm remarkably, and created a sideways-moving channel (in yellow).
We had a breakout attempt today, which was rejected, and we got pushed back into the channel.
As you can see volume increased, but it was not sufficient for an effective breakout.
The EMA 55 (in orange) has arrived into the channel, and might act now as a support - we shall see.
It also could help us to push BNB up finally above the channel, at a 3rd or 4th breakout attempt.
If you found this post helpful, please hit the Like button - that's an easy way to thank me for my time. Thanks!
Good luck trading!
Instead, BNB withstood the storm remarkably, and created a sideways-moving channel (in yellow).
We had a breakout attempt today, which was rejected, and we got pushed back into the channel.
As you can see volume increased, but it was not sufficient for an effective breakout.
The EMA 55 (in orange) has arrived into the channel, and might act now as a support - we shall see.
It also could help us to push BNB up finally above the channel, at a 3rd or 4th breakout attempt.
If you found this post helpful, please hit the Like button - that's an easy way to thank me for my time. Thanks!
Good luck trading!
Comment:
So we've finally managed to break out of the channel - unfortunately, to the downside.
Comment:
We are back in the channel!
And we even pierced though it's top a few times already.
Let's go!
And we even pierced though it's top a few times already.
Let's go!