A figure has formed on the daily chart #BinanceCoin - symmetrical #треугольник. Let's figure out together what it means before I share my opinion on the further price movement.
More details about the figure:
The formation of a triangle becomes apparent when we see decreasing highs and rising lows. If we connect these points, we get a triangular shape with the angle pointing to the right. Inside the triangle, contracts are accumulating, indicating that the market has not yet decided which direction to move next. At such moments, it is safer to wait for the candle to close beyond the upper or lower border of the triangle.
The market usually has a preference before breaking out of a pattern, and the current trend should be taken into account. In a bullish case, the priority will be on growth.
In bearish - for a fall.
However, for a more reliable confirmation, it is worth waiting for the price #BNBUSD to break through the borders of the triangle.
📈Conditions for growth:
With a breakdown of the resistance level (red) on the daily chart and the level of 316.8, we can expect an upside target at 333.5, providing for a rollback to 324.4.
📉Conditions for falling:
With a breakdown of the support level (green) at D1 and the level of 299.6, we can expect a fall target at the level of 284.6, providing for a rollback to 290.4.
---------------------------------------------
✅ When our team reaches 5,000 subscribers, we will conduct a live broadcast where we will look for high-quality entry points into the market. So subscribe to my profile and join us! 🙂👍
* Breakout is the closing of the candle body beyond the specified level. * Rollback is a level upon reaching which, with a high probability, the price may begin to correct to the previous, breakthrough level or go into a deeper correction to the level of resistance or support of the main trend. You can record your profit without waiting for your goal. Use positive sl and trailing stop
---------------------------------------------
Thank you all for your support! I wish you all success!
