BNB: A PERFECT BOUNCE OR A FAKEOUT???

24 พ.ค. 2022

Hello and welcome to this BNB update in 3 hours TF.

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BNB has formed an ascending triangle pattern which usually is a bullish pattern. BNB broke out, retested, and currently bouncing back perfectly from the support level. Is this a bullish confirmation? To some extent, yes, it is a bullish confirmation but considering the dominance and BTC price movement, it is always wise to wait or trade with a close SL. I am already long on BNB at around $305 and I will continue to hold it until it breaks down below the ascending triangle support level which is at my entry-level.
On the other hand, if BNB is bullish then we can expect a rally up to $350 to $400.

What do you think about the current price movement on BNB? Let me know in the comments.

Thank you, guys, for your support.