Big Chance For Binance Coin: Bull Break Could Lead To $40
Sometimes the timeframes really diverge: This is currently the case with BNB/USDT.
If we look on the Daily chart, we will still see the important S&R zones that BNB is riding:
But on the Weekly chart, the July $24 dip really dissapears as a wick: This leads to a very clear Bullish Falling Wedge, which, in the case of a bull break, could lead towards the previous highs at $40, giving around 50% profit:
What is very healthy also is that, from the whole upmove since the 4 Dollar bottom, we're still keeping the 38,2% Fibo level, with only one significant higher Low at the $20 range, before we went into the micro downtrend with the Falling Wedge.
Oddly enough, almost the same pattern can be currently found in the direct correlation to BTC, although we would have to disregard the upper trendline a little bit:
Conclusion: Since grandpa Bitcoin is dominating the market again, also BNB will highly depend on BTC's Descending Triangle break. If BTC goes down, BNB will probably follow at least around $24. If we break to the $20 region, it will still be a very healthy upmove, but in that case the Falling Wedge will be invalidated.
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my analyses! I wish you a good trading! :)
Edgy is providing online education only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
If we look on the Daily chart, we will still see the important S&R zones that BNB is riding:
But on the Weekly chart, the July $24 dip really dissapears as a wick: This leads to a very clear Bullish Falling Wedge, which, in the case of a bull break, could lead towards the previous highs at $40, giving around 50% profit:
What is very healthy also is that, from the whole upmove since the 4 Dollar bottom, we're still keeping the 38,2% Fibo level, with only one significant higher Low at the $20 range, before we went into the micro downtrend with the Falling Wedge.
Oddly enough, almost the same pattern can be currently found in the direct correlation to BTC, although we would have to disregard the upper trendline a little bit:
Conclusion: Since grandpa Bitcoin is dominating the market again, also BNB will highly depend on BTC's Descending Triangle break. If BTC goes down, BNB will probably follow at least around $24. If we break to the $20 region, it will still be a very healthy upmove, but in that case the Falling Wedge will be invalidated.
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my analyses! I wish you a good trading! :)
Edgy is providing online education only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
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