BNBBTC Breaking Point - Long Ascending Triangle
已更新
Been following relatively straightforward criteria these days for Alt Coins when Bitcoin is in a slide. The three parameters are:
1. Above the 50 day MA (RED).
2. Above the 9 day EMA (Orange).
3. Above 50 RSI - Even better if Above 60 RSI.
4. Positive trend in MacD.
This is one of few Alt Coins currently meeting all the parameters, along with ONT VEN EOS and soon to be ZIL.
The problem: A long term pattern of resistance in the form of a ascending triangle is in play. So, will the resistance hold up?
My prediction - No.
Why? The two waves so far this year could potentially be Waves 1 and 3 of a large 5 wave pattern. Because Wave 3 is less than Wave 1, the combination of their lengths would the basis for the possible Wave 5 length. That is set forth in the floating Fibonacci Levels. Subwave 1 of this large wave 5 was the perfect fit for 23.6% of the combination of Wave 1 and 3. Things are lining up perfectly for the Subwave 3 to pierce the top of the triangle, then come back and bounce on top of the triangle for a long Subwave 5. Then again... the RSI and MACD have followed a similar pattern as the price. Both are nearing resistance. This could stunt Subwave 3 and 5. At the least, I expect a retracement and then another test of the triangle top for Subwave 5.
How to play it: If not already holding, then wait to purchase until a confirmed breakout is made - a 1 day candle closes on top of the triangle. For even more confirmation, wait for the RSI to break above its resistance as well. A lot can be gained above 70 RSI and historically BNB has made runs well above 70 RSI. Even if you miss the initial breakout, I anticipate there will be a brief retracement following the breakout which will test the top of the triangle as support. This would be a second opportunity to buy. Either way, do not buy before the breakout. There is substantial risk of falling back to the bottom of the triangle.
1. Above the 50 day MA (RED).
2. Above the 9 day EMA (Orange).
3. Above 50 RSI - Even better if Above 60 RSI.
4. Positive trend in MacD.
This is one of few Alt Coins currently meeting all the parameters, along with ONT VEN EOS and soon to be ZIL.
The problem: A long term pattern of resistance in the form of a ascending triangle is in play. So, will the resistance hold up?
My prediction - No.
Why? The two waves so far this year could potentially be Waves 1 and 3 of a large 5 wave pattern. Because Wave 3 is less than Wave 1, the combination of their lengths would the basis for the possible Wave 5 length. That is set forth in the floating Fibonacci Levels. Subwave 1 of this large wave 5 was the perfect fit for 23.6% of the combination of Wave 1 and 3. Things are lining up perfectly for the Subwave 3 to pierce the top of the triangle, then come back and bounce on top of the triangle for a long Subwave 5. Then again... the RSI and MACD have followed a similar pattern as the price. Both are nearing resistance. This could stunt Subwave 3 and 5. At the least, I expect a retracement and then another test of the triangle top for Subwave 5.
How to play it: If not already holding, then wait to purchase until a confirmed breakout is made - a 1 day candle closes on top of the triangle. For even more confirmation, wait for the RSI to break above its resistance as well. A lot can be gained above 70 RSI and historically BNB has made runs well above 70 RSI. Even if you miss the initial breakout, I anticipate there will be a brief retracement following the breakout which will test the top of the triangle as support. This would be a second opportunity to buy. Either way, do not buy before the breakout. There is substantial risk of falling back to the bottom of the triangle.
注释
BNB Failed to close the candle above the top of the triangle. Patience is key here. If greedy, can buy in when it retraces back to the orange 9 day ema. Can also just wait until the breakout is confirmed and a candle closes above the top of the triangle.注释
Breakout confirmed both in price and RSI. MacD will follow tomorrow. Only question now is if you are not already in, what price do you buy in at. I will try to address this after the day candle closes and evaluate the potential subwave 4 retacement. 注释
Here comes the opportunity to buy in if you missed the initial run, or if you were more savvy than I am and sold at the top of wave 3 which is a bit too active for my liking. Price has retraced a bit in wave 4 to 21550 (78%) which may be it, but it could also go a bit lower to about 20500 (68%) or bounce off the top of the triangle which should be some pretty decent support as well. I don't imagine it going much lower, and, if it does, it would likely just be a brief wick. 注释
Hit the target zone. Nice time to set stop losses to make sure profits are taken. It could go higher, but 61.8% of combo wave 1 and 3 was the most likely target. There is a chance it rides BTCs breakout and sets new ATHs vs. the USDT.
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