Binance Coin Ascending Channel Breaks; $372 Next Target
Updated
➖ We have a very strong ascending channel pattern on the BNBUSDT chart.
➖ The fake bullish breakout early June is a failed signal.
These two combined spell doom for this pair.
Expect a major crash to happen now, after months of sideways which is when most traders lose money. Once a trend has been established, it is easy for traders to win. When the market is ranging, most people lose money and that's when it is recommended to stay out; exactly what we did.
👉 A move down is starting to develop; targets follow:
1) $475 is a strong support.
2) $372 goes next.
These are high probability targets.
It seems the recovery will be fast after the crash.
Namaste.
➖ The fake bullish breakout early June is a failed signal.
These two combined spell doom for this pair.
Expect a major crash to happen now, after months of sideways which is when most traders lose money. Once a trend has been established, it is easy for traders to win. When the market is ranging, most people lose money and that's when it is recommended to stay out; exactly what we did.
👉 A move down is starting to develop; targets follow:
1) $475 is a strong support.
2) $372 goes next.
These are high probability targets.
It seems the recovery will be fast after the crash.
Namaste.
Note
We have a short-term shakeout yet the lower highs are still in place: A "small shakeout," indicates that the market is set to produce a decisive move soon and the market movers have run out of ammunition; it is getting closer by the hour.
Note
The weekly chart shows Binance Coin producing its second negative weak after a failed bullish breakout... ➖ Money will flow from these top altcoins to the smaller ones.
➖ Money will flow from Bitcoin to the altcoins (specially the smaller neglected ones).
There is room for massive growth in the smaller, less known, trading-pairs. This is because these have a much smaller market capitalization and thus wilder moves are possible...
Namaste.
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