BNB’s Breakout Moment: Massive Pump Incoming or ‘Sell the News’?
BNB has been surging lately, driven by the news about @CZ who will be a free man by the end of the month. More precisely, he will be released from custody on Saturday, Sept. 29.
It’s a classic "buy the rumor" situation, and all eyes are on what happens next: Will we see a massive pump or a "sell the news" event?
Looking at the chart, BNB tried breaking out of a substantial descending channel, pushing as high as $610. But it couldn't sustain the move and has now pulled back to around $590. The volume has been constantly increasing, further behind an upcoming breakout.
Here’s the key: This channel is massive and originated in March. Therefore, in case of a breakout, it would be wise to wait for a weekly candle close above the trendline to confirm.
False breakouts in patterns like this are common, and we don't want to get caught.
If we do get that confirmation—especially with volume—it opens the door for a major move. The ultimate target is $1000, assuming the bull market continues in Q4.
For now, keep a close watch. Saturday could bring the volatility we’ve been waiting for, and a confirmed breakout could be huge. But don’t rush it—wait for the clear signal.
