Hello Traders,
BNB is forming a big Ascending triangle pattern on the weekly timeframe!
when the ascending triangle pattern develops within a downtrend we have two possible trade scenarios:
If the flat resistance line is broken, the ascending triangle pattern can signal an upcoming trend reversal. In this case, we can expect a change in the trend, from bearish to bullish.
In this case, we may open a long trade after a successful breakout, and it's expected to test 496 $ level (+40% gain)
But ...
The ascending triangle also can play out as a continuation pattern.
the upward-sloping trendline of the ascending triangle must be broken to confirm the trend continuation
A short trade is triggered once we break below the upward-sloping trendline. and our target will be 192 $ (-30%)
Thank you for reading!
Please Like and comment with your opinion :)
BNB is forming a big Ascending triangle pattern on the weekly timeframe!
when the ascending triangle pattern develops within a downtrend we have two possible trade scenarios:
- A continuation of the downtrend
- it can signal an imminent market reversal
If the flat resistance line is broken, the ascending triangle pattern can signal an upcoming trend reversal. In this case, we can expect a change in the trend, from bearish to bullish.
In this case, we may open a long trade after a successful breakout, and it's expected to test 496 $ level (+40% gain)
But ...
The ascending triangle also can play out as a continuation pattern.
the upward-sloping trendline of the ascending triangle must be broken to confirm the trend continuation
A short trade is triggered once we break below the upward-sloping trendline. and our target will be 192 $ (-30%)
Thank you for reading!
Please Like and comment with your opinion :)
