BNB Inches Away From a Weekly Break-Out

[Whaleagent]

https://whaleagent.club/bnb-inches-away-from-a-weekly-break-out/



Binance Coin (BNB) has been in a weekly equilibrium pattern for the last 2 months and the pattern is getting really tight with a range of around only $4 now. BNB is currently trading at $28.11 and the bulls were just rejected from the daily EMA’s.


The bears seem to have taken control back on the daily chart. The weekly chart as mentioned is in a tight pattern, currently a bit more in favor of the bears, however, the long term should be favoring the bulls. It’s really hard to predict in which direction the price will break. What we know for sure is that when it does, it will be a huge break and will determine the direction of BNB for the rest of the year.

The 4-hour chart bull flag was rejected and bears saw a good amount of continuation, however, the EMA’s are still crossed bullish and the bulls did buy the dip and are currently trying to trade above the EMA’s. The RSI is pretty much in the middle.

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[poodle63]

that's true and i m going out from the binance market after seeing the overbought area already passed and i have sold all of my binance coins. But just take the RSI from that chart and the bearish trend has more chance to come compared with the bullish to break another high rate.

[sheba]

Seems altcoin season will anticipate sooner or later as well, but with that RSI there seems to be some factors to consider it might go sideways too.

[Lanatsa]

that's true and i m going out from the binance market after seeing the overbought area already passed and i have sold all of my binance coins. But just take the RSI from that chart and the bearish trend has more chance to come compared with the bullish to break another high rate.

Same analysis yet it do form out Symmetrical Triangle.Its better to get out if you do tend to lessen the risk yet there might be a breakout going on bearish.

Hold your position and wait up for after the weekly close and wait for the opening.

[DaMut]

that's true and i m going out from the binance market after seeing the overbought area already passed and i have sold all of my binance coins. But just take the RSI from that chart and the bearish trend has more chance to come compared with the bullish to break another high rate.

Same analysis yet it do form out Symmetrical Triangle.Its better to get out if you do tend to lessen the risk yet there might be a breakout going on bearish.

Hold your position and wait up for after the weekly close and wait for the opening.

I could not agree more than this, a wise trader does not chase for a huge profit but a profit for every trade they made by calculating the risk and the gain.
you might get a good profit after it moves up, but what happens if the price moves to the opposite? putting a position before the pattern close is like doing gambling, you are making a position based on your feeling and not based on the fact that you are seeing on the pattern.

[Lawrenzoo]

https://whaleagent.club/bnb-inches-away-from-a-weekly-break-out/



Binance Coin (BNB) has been in a weekly equilibrium pattern for the last 2 months and the pattern is getting really tight with a range of around only $4 now. BNB is currently trading at $28.11 and the bulls were just rejected from the daily EMA’s.


The bears seem to have taken control back on the daily chart. The weekly chart as mentioned is in a tight pattern, currently a bit more in favor of the bears, however, the long term should be favoring the bulls. It’s really hard to predict in which direction the price will break. What we know for sure is that when it does, it will be a huge break and will determine the direction of BNB for the rest of the year.

The 4-hour chart bull flag was rejected and bears saw a good amount of continuation, however, the EMA’s are still crossed bullish and the bulls did buy the dip and are currently trying to trade above the EMA’s. The RSI is pretty much in the middle.

Except bitcoin break forte before you can see binance crossing that line of having anither increase to its value, same as other altcoins also.

[Lanatsa]

that's true and i m going out from the binance market after seeing the overbought area already passed and i have sold all of my binance coins. But just take the RSI from that chart and the bearish trend has more chance to come compared with the bullish to break another high rate.

Same analysis yet it do form out Symmetrical Triangle.Its better to get out if you do tend to lessen the risk yet there might be a breakout going on bearish.

Hold your position and wait up for after the weekly close and wait for the opening.

I could not agree more than this, a wise trader does not chase for a huge profit but a profit for every trade they made by calculating the risk and the gain.
you might get a good profit after it moves up, but what happens if the price moves to the opposite? putting a position before the pattern close is like doing gambling, you are making a position based on your feeling and not based on the fact that you are seeing on the pattern.

It isn't really that bad for you to make positions before on a breakout and you  are right which this is somewhat like a gambling.We know that there are traders

which do utilizes up these patters and took risk for possible maximum profitability yet they had entered the most earliest time as possible.The risk is indeed higher
because you wouldn't know if it would head up or not.

[omonuyak]

I cannot understand why Binance should break through without any news that would support your technical analysis. As far as I know, crypto currencies can be hard manipulated by large volumes and mostly news are effecting the price.

Manipulation is very common in the crypto currency market and we hardly see any serious breakout without something like news happen. It is hard to make predict some coins through technical indicators because of how this market behaved. Sometimes the whales take advantage of the technical setting and create one fud or another in other to create a reason for the breakout.

[Oceat]

I don't think there will be a huge fall on the prices of BNB even if the indicator shows that its in critical condition since binance hold their reputation and there are not competitors yet for that exchange so people are not going to move away from that exchange and if that happens means obviously most people will use BNB for trading fee to be reduced which will keep their value some what stable.

Even if you say so that they don't have competitors it is still not enough to prove that their token would drop drastically since FUD is quite strong enough to make their token dump. Manipulators can easily make the market sway if they want to that's why do not underestimate this kind of news.

[sana54210]

https://whaleagent.club/bnb-inches-away-from-a-weekly-break-out/

[im g]https://i.gyazo.com/ba3309c4bc5c463febfebd82124f87f0.png[/img]

Binance Coin (BNB) has been in a weekly equilibrium pattern for the last 2 months and the pattern is getting really tight with a range of around only $4 now. BNB is currently trading at $28.11 and the bulls were just rejected from the daily EMA’s.


The bears seem to have taken control back on the daily chart. The weekly chart as mentioned is in a tight pattern, currently a bit more in favor of the bears, however, the long term should be favoring the bulls. It’s really hard to predict in which direction the price will break. What we know for sure is that when it does, it will be a huge break and will determine the direction of BNB for the rest of the year.

The 4-hour chart bull flag was rejected and bears saw a good amount of continuation, however, the EMA’s are still crossed bullish and the bulls did buy the dip and are currently trying to trade above the EMA’s. The RSI is pretty much in the middle.

Except bitcoin break forte before you can see binance crossing that line of having anither increase to its value, same as other altcoins also.

I understand your point, but if you carefully take full study of binance actions, you will agree with me that Binance coin does not have to rely on bitcoin before it can grown in price because they have already establish lots of real use case projects that even when bitcoin his going down, the demand for those projects will always push the price of binance up a little bit, although bitcoin really do play a very big role in the price of those altcoins that we see in the market, but binance coin is a little bit exceptional.

People trade on binance exchange a lot, and most of their products is also tied to their coin, which means before you can have access to those products, you should be able to make use of their coin, and as they are doing so, their coin keeps becoming more popular.

[Xphenosis]

People trade on binance exchange a lot, and most of their products is also tied to their coin, which means before you can have access to those products, you should be able to make use of their coin, and as they are doing so, their coin keeps becoming more popular.

Literally they are killing it and with the Venus they want to developed they'll be more popular, the thing they do is pure marketing AFAICT.