Description: Three successive peaks: middle is the lowest and the two outside higher and relatively equal in height. It forms after a downtrend and often signals upcoming trend reversal (from bearish to bullish).Trade: Wait for pattern to complete and price to break out – to move above the neckline.  The most common entry point is when a breakout occurs – the neckline is broken and a BUY trade is taken.Example: COTI emerging of a Inverse Head and Shoulders#headandshoulders #prasa777 The inverse head and shoulders chart pattern is a bullish reversal pattern that is formed after a downtrend. It is characterized by a series of three lows, with the middle low being the deepest (the “head”), and the other two lows (the “shoulders”) being shallower and roughly equal in height. The pattern is completed when the price breaks above the neckline, which is a horizontal line drawn through the highs between the two shoulders.The pattern is called “inverse” because it is the opposite of the traditional head and shoulders pattern, which is a bearish reversal pattern that is formed after an uptrend.When the inverse head and shoulders pattern is formed, it signals that the downtrend is losing momentum and that buyers are starting to gain control. The pattern suggests that the price may be poised for a significant move to the upside.Traders typically look for the following characteristics when identifying an inverse head and shoulders pattern:The first shoulder should be formed after a downtrend and should be lower than the head.The head should be the lowest point in the pattern.The second shoulder should be formed after the head and should be roughly equal in height to the first shoulder.The neckline should be drawn through the highs between the two shoulders.The price should break above the neckline on increasing volume to confirm the pattern

The BNB/USDT pair has completed a bearish #headandshoulders and breached the neckline. This negative setup indicates a potential downward trend towards $220, as per the pattern calculation.

The #Binance Coin (BNB) price is currently experiencing a downward trend, falling below the $290 mark against the US Dollar. If the price drops below $270, it is likely to continue its descent

Over the last few days, the price of BNB has experienced a consistent decline, starting from the $325 resistance zone. The price has since plummeted below the $310 and $300 levels, with the decline gaining momentum and breaking through the $285 support.

Currently, the value of this coin has decreased by more than 5.60%, which is still a smaller decline compared to the drops experienced by bitcoin and Ethereum. The market witnessed a sudden dip below the $275 mark, leading to a low of around $270.70. Presently, the price is stabilizing its losses below the $280 threshold and the 21-hour simple moving average.

As per #technicalanalysis , There are several key resistance levels to keep an eye on for the BNB/USD pair. The first immediate resistance is at the $276 level, followed by a major resistance at $280. The main resistance is forming near the $284 zone, and there is also a key bearish trend line forming with resistance near $288 on the 4-hour chart. If the price manages to break above the trend line and surpass $290, it could potentially reach the $300 resistance level. Further gains could push the price towards the $320 level

In the event that BNB fails to surpass the $284 resistance, it may experience a further downward trend. The initial support on the downside is located around the $270 level, followed by the first major #support at approximately $265. The subsequent major support is situated at the $262 level. However, if the $262 support is breached, there is a possibility of a prolonged decline towards the $250 support.

KEY LEVELS :

RESISTANCE LEVEL : $276-$282

SUPPORT LEVEL : $268-$262

#coingabbar

#Educational Head and shoulders

Head and shoulders is a chart pattern in which a large peak has a slightly smaller peak on either side of it.

Traders look at head and shoulders patterns to predict a bullish-to-bearish reversal. Typically, the first and third peak will be smaller than the second, but they will all fall back to the same level of support, otherwise known as the ‘neckline’.

Once the third peak has fallen back to the level of support, it is likely that it will breakout into a bearish downtrend.

#Binance #crypto2023 #BTC #headandshoulders #leontech