Possible Double Top in Play on BNB
On 4/12 we saw BNB break out of a long term downtrend line, which was positive indeed. However, now we have seen price action fall back down below the trend line.
Further to that, we can see a double top formation on the 4hr and the price seems to be reacting to it. With that in mind we can likely expect the price to drop by the inverse height of the double top, which will probably cause a bounce on our longer term uptrend line around the 9.60 to 9.30 mark. 1 Day RSI also confirms that there is further room to drop while staying within recent ranges.
After the bounce we can expect movement back up to at least the top of the current channel, bringing the price back up to around the $15 mark.
This price movement will create a good trading opportunity, once the bottom is confirmed. What also needs to be noted is that BNB is very subject to movement based on fundamental news too, which may invalidate the current trends or patterns on the charts.
Happy trading.
Further to that, we can see a double top formation on the 4hr and the price seems to be reacting to it. With that in mind we can likely expect the price to drop by the inverse height of the double top, which will probably cause a bounce on our longer term uptrend line around the 9.60 to 9.30 mark. 1 Day RSI also confirms that there is further room to drop while staying within recent ranges.
After the bounce we can expect movement back up to at least the top of the current channel, bringing the price back up to around the $15 mark.
This price movement will create a good trading opportunity, once the bottom is confirmed. What also needs to be noted is that BNB is very subject to movement based on fundamental news too, which may invalidate the current trends or patterns on the charts.
Happy trading.
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