On the above monthly chart of BNB token there is easily an hour of topic to discuss. However attention spans amongst the equity providers do not afford a detailed explanation so the short version..
1) Price action is in a legacy uptrend channel since inception with a confirmation of uptrend continuation (unlike LTC).
2) Price action is at resistance after three years of consolidation. This is the third test of resistance. Blue pointing down arrows.
3) Just as with May 2020 prior to the break of resistance, Stochastic RSI previously crossed above 80. (orange arrows). This is the same situation as today. Stochastic RSI remains with momentum for 182 days. Should history repeat, momentum continues until August / September.
4) The bull flag pattern confirms a breakout AND support. A measured move from the flagpole of the last resistance breakout takes price action to $6000.
Is it possible price action corrects? Sure.
Is it probable? No.
Ww
Type: trade
Risk: <=6%
Timeframe for long: You decide
Return: 800% over the next 16 weeks
1) Price action is in a legacy uptrend channel since inception with a confirmation of uptrend continuation (unlike LTC).
2) Price action is at resistance after three years of consolidation. This is the third test of resistance. Blue pointing down arrows.
3) Just as with May 2020 prior to the break of resistance, Stochastic RSI previously crossed above 80. (orange arrows). This is the same situation as today. Stochastic RSI remains with momentum for 182 days. Should history repeat, momentum continues until August / September.
4) The bull flag pattern confirms a breakout AND support. A measured move from the flagpole of the last resistance breakout takes price action to $6000.
Is it possible price action corrects? Sure.
Is it probable? No.
Ww
Type: trade
Risk: <=6%
Timeframe for long: You decide
Return: 800% over the next 16 weeks
Trade active
Resistance breakout.Note
Price action moved back under resistance. A close above 650 is required by the end of the month for the idea to remain valid.Order cancelled
Market structure has broken. Will close for the moment until the structure confirms support. Without that confirmation, a re-test of 320 is needed.Note
This trade becomes active again should the 2 month Dragonfly DOJI print confirm on September 1st.As maddening as it seems, price action is forecast to strike $6000 on confirmation.
Note
This trade is very much active with a 5 week DOJI confirming the market support on past resistance.
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.