Long

BNB/USDT : Buy setup | RR 5.77 | 2 factors are making it bullish

Updated

Hello everyone 😃

BNB is currently consolidating in an uptrend.
The bulls are buying the dips to the $480 support while the bears are defending the $600 to $638.57 overhead resistance zone.
A range-bound action after a strong uptrend shows that traders are not hurrying to book profits.

Now there are 2 Factors that makes bulls stronger in current situation;
1️⃣ Break above MA100 and MA200 and take hold above stiff support zone.
2️⃣ There is a symmetrical triangle formed, Which is leading BNB for higher levels.

1️⃣ Break above MA100 and MA200 and take hold above stiff support zone.
BNB had a rejection from it's last bullish trendline and now it's pulled back from a support zone and a bullish trendline
On 2H TF chart;
MA100 and MA200 are below BNB's price now and there are two stiff supports which will be a major reversal points for BNB.
Also There is a bullish trendline which will make bulls stronger.
Now it seems that Bulls used EMA 20 on 1D chart to climb resistances one more time.
🔴 MA100 and MA200 had a bearish crossover but they are being bullish again; So wait for a confirmation from Lower TFs !

2️⃣ There is a symmetrical triangle formed, Which is leading BNB for higher levels.
On 6H TF's chart; BNB has formed a symmetrical triangle.

MACD is being bullish and there is another bullish trendline which is broken by current candle.
Also MA50 failed to reject BNB's movement...
Now triangle's higher line seems to be weak !
On last try it has some missing shadows above it's resistances.
So it's expected to have a bullish breakout on next attempt !

📌 Have to mention that it's not recommended to search for longs when BTC is being overheated again on lower timeframes.
🔴 Bears will try to reject BNB's movement on 600$ - 638$ they will use it as a stiff resistance.
🔰 Alternatively, if the bulls push the price above the moving averages, the pair could rise to the resistance line of the triangle.
A breakout of the triangle may signal the resumption of the uptrend.

Hope you enjoyed our article about BNB's possible rally 🙌
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Helical_Trades

Note

Below bearish trendline !
( Triangle's high )

Note

Most important charts for next month; Possibility for alt season

New BTC's analyzes is out !
Also you find out about ETH's direction.
Next month will be great for Alts..
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