BNB Binance Coin: 1D Chart Review
Updated
Hello friends, today you can review the technical analysis idea on a 1D linear scale chart for Binance Coin (BNBUSD).
The chart is self-explanatory. The price is in a Descending Broadening Wedge pattern and is at the multi-month Support and Resistance trend line and looking to break back above it. The price is also above the 200 MA (simple moving average) and inside the green Ichimoku Cloud. The Volume is still low. The RSI is making another attempt to break the resistance line. If it moves up, expect resistance towards the 0.618 Fibonacci Retracement level. If it breaks down, expect support at the dash line noted in the chart where price got supported multiple times.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
The chart is self-explanatory. The price is in a Descending Broadening Wedge pattern and is at the multi-month Support and Resistance trend line and looking to break back above it. The price is also above the 200 MA (simple moving average) and inside the green Ichimoku Cloud. The Volume is still low. The RSI is making another attempt to break the resistance line. If it moves up, expect resistance towards the 0.618 Fibonacci Retracement level. If it breaks down, expect support at the dash line noted in the chart where price got supported multiple times.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
Note
BNB chart, still in motion
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