In the world of cryptocurrency trading, the emergence of patterns can provide valuable insights into potential price movements. One such pattern that has garnered significant attention is the 'W' pattern in BNB (Binance Coin), a prominent cryptocurrency. This detailed analysis delves into the intricacies of this pattern and its implications for investors.
This pair is in an uptrend. On the 4hr gives the trend reversal
CHoCH: Change of character (greenline)
Supply and demand is labeled
Wait for LH to be created to confirm bearish move
Target is demand labeled ( blue zone)
BINANCE:BNBUSD formed a nice H&S (head and shoulder) formation, broke down and now retesting the neckline. Notice the decreasing volume on rise from beginning of August which shows weakness.
Neckline around 288 seem like a good place to short and we might see 225 or lower levels in days to come.
MMM Strategy for BNB , If price crosses any demand and supply zones then price must move toward next supply and demand zones, If not then price will break the current supply/demand and must move toward next supply and demand zone.