BinanceCoin (BNBUSDT) W Bottom Breakout Long Trade Setup!
Updated
Hi guys, this is OG back with another cryptocurrency update. If you find value in my work, please do like, share, and comment. And also feel free to share your ideas and technical analysis in the comments below.
BNBUSDT is potentially forming a W bottom pattern, which is a variation of the double bottom pattern in which the second bottom (2nd swing low) is higher than the first bottom (1st swing low). The neckline of this pattern is at 362.5, which means we need for price to break above 362.5 in order to confirm that this is indeed a W-bottom pattern. If price breaks below the low of the second swing low at 345.5, then this pattern is invalidated. I'm waiting for a break above 362.5 with strong volume to consider taking a long. One thing to note is that BNBBTC might be forming a short signal. I prefer to take a trade when both the BNB and USDT pairs are aligned rather than giving opposing signals, so if BNBUSDT breaks the neckline, then I will double check to see that BNBBTC isn't giving a short signal at that time.
Check out my technical analysis videos for more in-depth analysis and trade setups for Bitcoin, Ethereum, and Altcoins.
Why follow?
1. Community of Technical Analysts sharing analysis and trades
2. Live tracking of whale wallet movements
3. Live update of the latest important news
4. Live syncing of popular crypto tweets
5. Ebook covering how to be profitable in the cryptocurrency market
As always, I’m not a financial advisor, all information presented is for educational purposes only and not meant as financial or investment advice, do your own research, and stay safe!
BNBUSDT is potentially forming a W bottom pattern, which is a variation of the double bottom pattern in which the second bottom (2nd swing low) is higher than the first bottom (1st swing low). The neckline of this pattern is at 362.5, which means we need for price to break above 362.5 in order to confirm that this is indeed a W-bottom pattern. If price breaks below the low of the second swing low at 345.5, then this pattern is invalidated. I'm waiting for a break above 362.5 with strong volume to consider taking a long. One thing to note is that BNBBTC might be forming a short signal. I prefer to take a trade when both the BNB and USDT pairs are aligned rather than giving opposing signals, so if BNBUSDT breaks the neckline, then I will double check to see that BNBBTC isn't giving a short signal at that time.
Check out my technical analysis videos for more in-depth analysis and trade setups for Bitcoin, Ethereum, and Altcoins.
Why follow?
1. Community of Technical Analysts sharing analysis and trades
2. Live tracking of whale wallet movements
3. Live update of the latest important news
4. Live syncing of popular crypto tweets
5. Ebook covering how to be profitable in the cryptocurrency market
As always, I’m not a financial advisor, all information presented is for educational purposes only and not meant as financial or investment advice, do your own research, and stay safe!
Note
W bottom setup invalidated as the swing low was broken before price broke above the neckline
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.