BNB Coin is at a Pivotal Piont in Time.
On the left we have the Daily Chart for BNB, clearly trending up, within an Ascending Triangle and near the Apex. The Upper resistance line is strong resistance, BNB has tried a total of 3 times to breach, was successful on one attempt but the bears brought it back down, buying in now would be a risky Entry, as RSI is losing momentum and itself along with the composite index are both in Symmetrical Triangles. The Ultimate Target is the top of the box at the 212xx area, which is a 20% gain from the conditional buy @ 17325, although if BNB pushes past the box additional targets are above said box. We may struggle at the 18550 / 18600 & 19600 areas
The 4h Chart is displayed on the Right for BNB
Again same story, same coin, same triangle etc. although this is the downside, the RSI has bounced multiple times at the 40 area which is an indicator that the coin or token etc is bullish, BNB formed a double top on the green line within the RSI at the 80 level it fell and landed (at 47) above 40, bullish sign, but on the following run up the RSI failed to breach the 60 zone which (is the maximum give or take a few levels) an RSI will travel when said Coin / Token is bearish, if you scroll back the 60 level is a an important resistance level during BNB's downtrend, it is also riding on support which is bullish in a sense but its as if price is needing to bounce of these dynamic support lines to push higher,
I've estimated how far BNB will go if it falls out of said Triangle.
I believe we are heading down, unfortunately you cant short on Binance... but if we happen to break out I'll buy the break out.
Happy Trading
On the left we have the Daily Chart for BNB, clearly trending up, within an Ascending Triangle and near the Apex. The Upper resistance line is strong resistance, BNB has tried a total of 3 times to breach, was successful on one attempt but the bears brought it back down, buying in now would be a risky Entry, as RSI is losing momentum and itself along with the composite index are both in Symmetrical Triangles. The Ultimate Target is the top of the box at the 212xx area, which is a 20% gain from the conditional buy @ 17325, although if BNB pushes past the box additional targets are above said box. We may struggle at the 18550 / 18600 & 19600 areas
The 4h Chart is displayed on the Right for BNB
Again same story, same coin, same triangle etc. although this is the downside, the RSI has bounced multiple times at the 40 area which is an indicator that the coin or token etc is bullish, BNB formed a double top on the green line within the RSI at the 80 level it fell and landed (at 47) above 40, bullish sign, but on the following run up the RSI failed to breach the 60 zone which (is the maximum give or take a few levels) an RSI will travel when said Coin / Token is bearish, if you scroll back the 60 level is a an important resistance level during BNB's downtrend, it is also riding on support which is bullish in a sense but its as if price is needing to bounce of these dynamic support lines to push higher,
I've estimated how far BNB will go if it falls out of said Triangle.
I believe we are heading down, unfortunately you cant short on Binance... but if we happen to break out I'll buy the break out.
Happy Trading