📊BNB: will the bearish wedge become bullish?

6 Tem 2022

Hi friends! Binance Coin looks strong. Now it`s consolidate in rising wedge which is clasical bearish pattern. But in crypto it`s little bit different. In this idea i explain preconditions and targets for next BNB movements.

All the crypto follow BTC and it`s looking stronger then monthes before. Also SnP 500 start to grow that help the crypto market also to stabilize after the fall.

I think in a few days price will make some false breakout of it`s highs and fall down to support area of $213-227 or little bit lower to collect the liquidity. And here is the main thing! A lot of traders starts to open a short on a rising wedge breakout. As i mention before the rising wedge are not only bearish pattern in crypto and it`s depend on situation.

Now the price of this alts fall for 80-85% and take a short here a little bit dangerous and it can make only professionals with clear local targets.

Big part of the retail short traders become the fuel for growth because the price won`t go lower but return to the wedge again and will rise to our targets.

Check this idea to understand how to trade the wedges in crypto!

The targets are the closest value areas:
🔥 $255-260
🔥 $269-273
🔥 $295-308

🚩Always pay attention to volume. Only this indicator will help to identify the reversal points!

💻Friends, press the "like"👍 button, write comments and share with your friends - it will be the best THANK YOU.

P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade.