BNB is trading at $485 at the time of writing this analysis. I can see three possibilities that can happen in a week's time from now.
Scenario 1 A bullish flag is being formed, and if the price remains inside this flag, it might break the recent high at $504, break the parallel channel's upper line or traverse along the middle line to make another higher high.
Scenario 2 The price is traveling inside the parallel channel and might see a retracement till fib level 23.6% or $438, and then take another leap upwards. If this happens, it might take about 11 days to complete the retracement.
Scenario 3 If the support at $438 breaks, then there's a possibility for the price to reach the next fib level which is at $364 which is also an important fib support level of 50%.
RSI is already in the overbought zone for a week now, but if enough buy volume comes in, it could be in the overbought zone for more time. On the other hand, if retracement occurs, RSI is going to dip.
Let us know what do you think about this analysis in the comment box below.
Follow us for more ideas, educational analysis, and scripts.
Happy Trading
Scenario 1 A bullish flag is being formed, and if the price remains inside this flag, it might break the recent high at $504, break the parallel channel's upper line or traverse along the middle line to make another higher high.
Scenario 2 The price is traveling inside the parallel channel and might see a retracement till fib level 23.6% or $438, and then take another leap upwards. If this happens, it might take about 11 days to complete the retracement.
Scenario 3 If the support at $438 breaks, then there's a possibility for the price to reach the next fib level which is at $364 which is also an important fib support level of 50%.
RSI is already in the overbought zone for a week now, but if enough buy volume comes in, it could be in the overbought zone for more time. On the other hand, if retracement occurs, RSI is going to dip.
Let us know what do you think about this analysis in the comment box below.
Follow us for more ideas, educational analysis, and scripts.
Happy Trading
Comment:
Tried to break the bullish flag, but failed. We have more daily candles to observe.
Comment:
Ok. So scenario 3 is working out perfectly