BNB/USDT - close to symmetrical triangle breakout
Updated
BNB/USDT has been setting up a symmetrical triangle for a month since it hit its ATH and is now on the verge of breaking out.
Due to the way the pattern is set up and fairly low risk associated with the trade a bullish breakout seems more likely than a pattern failure.
This looks like a great buy zone to me but I will wait for breakout confirmation first before fully entering a long.
For this trade we can work with a tight stop of around 3-5% below the current price which makes for a great risk:reward ratio or simply wait for breakout confirmation before entering the trade to reduce the risk of longing a pattern failure.
Buy zone: $260-$272
Recommended stop loss area: $256.5 (very tight) - $248
Tighter stops can turn the risk:reward in your favor but also increase the risk of getting stopped out too early by fake-outs and potential wicks so choose a price you're comfortable with. They work best if you let the price come to you and you're buying right on support.
Best of luck and let me know what you think!
Due to the way the pattern is set up and fairly low risk associated with the trade a bullish breakout seems more likely than a pattern failure.
This looks like a great buy zone to me but I will wait for breakout confirmation first before fully entering a long.
For this trade we can work with a tight stop of around 3-5% below the current price which makes for a great risk:reward ratio or simply wait for breakout confirmation before entering the trade to reduce the risk of longing a pattern failure.
Buy zone: $260-$272
Recommended stop loss area: $256.5 (very tight) - $248
Tighter stops can turn the risk:reward in your favor but also increase the risk of getting stopped out too early by fake-outs and potential wicks so choose a price you're comfortable with. They work best if you let the price come to you and you're buying right on support.
Best of luck and let me know what you think!
Trade active
Fully entered now, breakout confirmed:Note
Tight stop got triggered and I re-entered at and average of 236.7, should've charted the uptrend at a lower angle like in the chart below.BNB managed to properly break over the downtrend this time and re-tested it successfully, looks like this is the run.
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