BNB's big rally coming to an end now? Part 2
Updated
Previous analysis played out nicely with the bearish wedge at the top. As mentioned it was a bit difficult to judge because of the volume and shape of the wedge, but it played out. So far it has been the high. At the moment it looks like we might be forming a big bull flag, but when zooming in it looks like it won't break up yet.
We can see an almost basic bearish wedge, but again the volume is not perfect. Because this asset can not be shorted, it makes it different than most other assets. So this time i think i will ignore that part of the pattern again. Now this wedge doesn't mean BNB will crash, the target of the wedge is just around the green zone and would still fit the picture of the big bull flag quite nicely. So as long as it stays above the 29ish, i don't think there is any need to become bearish for the mid/long term. Chances are big that we will see another retest of the 29ish. Depending on how things go coming week, think it will be easier to judge if we see a continuation of the bull trend or not. If this bull flag fails, we could continue to drop towards the next support around 26 and test that one.
Don't forget to like if you want to support me :)
Previous analysis:
We can see an almost basic bearish wedge, but again the volume is not perfect. Because this asset can not be shorted, it makes it different than most other assets. So this time i think i will ignore that part of the pattern again. Now this wedge doesn't mean BNB will crash, the target of the wedge is just around the green zone and would still fit the picture of the big bull flag quite nicely. So as long as it stays above the 29ish, i don't think there is any need to become bearish for the mid/long term. Chances are big that we will see another retest of the 29ish. Depending on how things go coming week, think it will be easier to judge if we see a continuation of the bull trend or not. If this bull flag fails, we could continue to drop towards the next support around 26 and test that one.
Don't forget to like if you want to support me :)
Previous analysis:
Note
Wedge broke and on the road to 30. The 30ish level can be a support, but if it breaks, very likely to see it headed to the wedge target
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.