Looks like we have a pennant on the daily and showing key levels of support on the 4hr. This could provide an opportunity for a long position and further with a Bullish pattern showing. Structure above however plays a key role of bearish support which would need to be broken through.
At the moment we have a butterfly pattern completed at point 'D' with a 1.272% extension from A-B-A.
I'm waiting for a potential entry on the 4hrly or a sign that the pattern will hold. There is currently potential for a double top at structure or more conservatively for a 2618.
Targets are A-D retracement at 38.2% and 61.8%
Stops 1.618% extension A-B-A and...
We can see a 1:1 pattern on the extensions (Labelled 'A'). Identical in length and gives a good tend. The pullbacks are equally 1:1 (Labelled 'B') and interestingly have stopped at a level of support. By looking at the 4hr we can see that should the trend continue, the only structural support above is the all time highs of BNBGBP. This will be a strong stopping...
Long on BNBGBP -
Looking at the way we are getting pinched into a triangle pattern on the daily and 4hr, we can see that a breakout is soon to happen.
There is strong structure below on the daily providing bullish support from below. This coupled with the BAT pattern gives further strength to that structure. Worst case of a breakout below I can expect...
Showing a Pennant pattern on BNB with some extensions. So looking for the breakout above the triangular downwards pattern. This should allow for both conservative targets on the structure above and longer term for a 1-1 move up with the 'flag pole' of the Pennant. Will be interesting to see the longer term outlook.