$BNB/BTC - Bearish, possible dump from wedge formation
Tools used:
Speed resistance fan, peak to present trough
Retracement, previous trough to peak
EMAs to watch crossovers
SMA to see
Shapes
High volume, previously cheap coins all form the same pattern; huge price spike, then converging into a falling wedge. They all end up doing the same thing: baby pump. After Binance went down, I am suspecting a possibility of users selling off all their BNB, which would cause the wedge to breakout downward instead of up. There isn't strong support but there is strong resistance. Buy low to use for transaction fees.
The white triangle area is where it may continue converging if it does not break out in either direction.
Speed resistance fan, peak to present trough
Retracement, previous trough to peak
EMAs to watch crossovers
SMA to see
Shapes
High volume, previously cheap coins all form the same pattern; huge price spike, then converging into a falling wedge. They all end up doing the same thing: baby pump. After Binance went down, I am suspecting a possibility of users selling off all their BNB, which would cause the wedge to breakout downward instead of up. There isn't strong support but there is strong resistance. Buy low to use for transaction fees.
The white triangle area is where it may continue converging if it does not break out in either direction.
My published indicators: tradingview.com/u/NeoButane/
Sorry if I haven't replied to your message yet, I'm a bit backlogged :)
Sorry if I haven't replied to your message yet, I'm a bit backlogged :)
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