BNB H&S failed, Bear trap or noise
BNB made a big H&S past 2 months, it broke the neckline 2 weeks ago, made quite the dump, but went back above the neckline just as fast again. Usually this is a sign of a bear trap. To what end, i don't know, meaning don't know if will see a new high again or that it's just a bear shake out.
That slow drop we have had the past week or so, with dropping volume, could be a hidden bullish sign. It also looks like it's moving inside of a bullish wedge. There is however not much room left, so it has to break up within a day or less even, otherwise it could still be a failed attempt. If that is the case, we could see a real dump, because that is what usually happens when a bullish wedge fails.
Now even if we break up, anything below the 28ish (red zone), could still be considered bearish territory. So only a strong high volume move up, could mean we can see more bullish movement coming weeks.
So to be bullish, think we need to see a break up within the next 12 hours or so, think max 24 hours. If we see a slow breakout, bearish movement still remains (below the red zone).
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Previous analysis:
That slow drop we have had the past week or so, with dropping volume, could be a hidden bullish sign. It also looks like it's moving inside of a bullish wedge. There is however not much room left, so it has to break up within a day or less even, otherwise it could still be a failed attempt. If that is the case, we could see a real dump, because that is what usually happens when a bullish wedge fails.
Now even if we break up, anything below the 28ish (red zone), could still be considered bearish territory. So only a strong high volume move up, could mean we can see more bullish movement coming weeks.
So to be bullish, think we need to see a break up within the next 12 hours or so, think max 24 hours. If we see a slow breakout, bearish movement still remains (below the red zone).
Don't forget to like if you appreciate this:
Previous analysis:
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