BNBBCT Potential Bounce!Hello Traders,
Today’s chart will be on BNBBTC pairs. Potential bounce could be at play!
Points to consider,
- Trend has been bearish overall
- EMA’s providing price support
- Price coming into structural support, in confluence with the .618 Fibonacci zone
- Potential falling wedge pattern
- Bear impulses getting smaller
- Volume has steadily been declining
- RSI is in over sold conditions
- Stochastics showing potential upwards momentum
BNBBTC chart formations tell us that a potential bounce is more probable from this current zone. The overall price action has been bearish, putting in lower lows in this potential wedge pattern that is coming close to its apex.
The bears have been able to push price into support (green zone), that is in confluence with the .618 Fibonacci zone. With the wedge coming into its apex, we can expect a market bounce from this area.
However, this will have to be confirmed with strong bull volume as it has been declining steadily. Furthermore, BNB bulls have to turn EMA’s bullish for upside momentum...
The RSI and Stochs are both over extended and are due to return back to neutral conditions; overall it would be natural to see a market bounce from these extended areas.
What are your thoughts? Will BNBBTC bounce from this area posting a potential 22% gain?
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And remember,
It does not matter how slowly you go as long as you do not stop.” - Confucius
