The most painful winter for BNB? ( 2H chart analysis )
BNB seems to be moving in a descending triangle since Nov 23rd and is pretty close from its breakout point.
The volume in this triangle is confirming the pattern, but the small period from formation until breakout is more likely to be the only underestimated worrying factor of its failure.
In addition to that, the big picture shows us that BNB is moving in a descending head and shoulders pattern since Sep20. The big RSI resistance at the 50% level empowers the odds of a successful pattern with a downside breakout estimated to take place within December.
If an upside breakout from the descending triangle occurs, the price will reach the resistance area betweem 330-350. In this case, the head and shoulders formation will be still present, as the heads level is at 362 level.
A downside breakout from the H&S pattern will take the price down between 150-180 levels within the next 3 months. Which will be a biggest hit BNB takes in winter since its birth.
BNB
BNB
The volume in this triangle is confirming the pattern, but the small period from formation until breakout is more likely to be the only underestimated worrying factor of its failure.
In addition to that, the big picture shows us that BNB is moving in a descending head and shoulders pattern since Sep20. The big RSI resistance at the 50% level empowers the odds of a successful pattern with a downside breakout estimated to take place within December.
If an upside breakout from the descending triangle occurs, the price will reach the resistance area betweem 330-350. In this case, the head and shoulders formation will be still present, as the heads level is at 362 level.
A downside breakout from the H&S pattern will take the price down between 150-180 levels within the next 3 months. Which will be a biggest hit BNB takes in winter since its birth.
BNB
BNB