Binance Coin in a Huge Cup and Handle.
Hey, I am back with another trade Idea.
This time looking again at BNB - Binance Coin from Binance.
Binance is in my opinion the best crypto exchange.
Binance Coin (BNB) is really strong and useful coin. Currently if you are holding some BNB on Binance and you are trading, you can use BNB tokens to reduce trading fees by half, which is great, Binance is also doing BNB Coin burns.
But now to TA.
Looking at chart you can see a Cup and Handle that was forming since 12. Jan, its just a really clear pattern.
There is one support line that can be the potentional bouncing price from the Handle.
Lets take a look at Indicators.
RSI - Currently heading to 36 where its should find support and bounce from there.
Stoch - Signals upwards price movement
MACD - Slowly falling to support with RSI, not a bad indication.
Volume - Decreasing in line, another breakout indication.
I have also found this descending triangle in 30 min chart that can head both ways down. Descending triangles more likely leads to downwards price movement, but they can go even up, also you can see the support/ressitance line RSI is even here.
Hope I made your view on whats going on with Binance Coin somehow clearer.
If you like this TA let me know in the comments, Likes are aprreciated, Thanks !
If this gets a little bit of attention, I will update.
This time looking again at BNB - Binance Coin from Binance.
Binance is in my opinion the best crypto exchange.
Binance Coin (BNB) is really strong and useful coin. Currently if you are holding some BNB on Binance and you are trading, you can use BNB tokens to reduce trading fees by half, which is great, Binance is also doing BNB Coin burns.
But now to TA.
Looking at chart you can see a Cup and Handle that was forming since 12. Jan, its just a really clear pattern.
There is one support line that can be the potentional bouncing price from the Handle.
Lets take a look at Indicators.
RSI - Currently heading to 36 where its should find support and bounce from there.
Stoch - Signals upwards price movement
MACD - Slowly falling to support with RSI, not a bad indication.
Volume - Decreasing in line, another breakout indication.
I have also found this descending triangle in 30 min chart that can head both ways down. Descending triangles more likely leads to downwards price movement, but they can go even up, also you can see the support/ressitance line RSI is even here.
Hope I made your view on whats going on with Binance Coin somehow clearer.
If you like this TA let me know in the comments, Likes are aprreciated, Thanks !
If this gets a little bit of attention, I will update.
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Taking Look at CoinMarketcap, you can see that BNB is only coin that havent done any major movement (2% up past 7 days, compared to 70-80% with another coins)
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Looks like a falling wedge.
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Important RSI to watch
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BNB getting ready
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Taking off
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Handle is forming.
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You can rarely see such a pretty handle
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BNB is really taking his time