Binance has formed a triangle, look out for these scenarios!

30 juin 2021

Yesterday Binance tried to renew the local high at $316, unfortunately, it failed, and after reaching the high BNB rolled back by 8%. A triangle is forming on the chart now, and at the moment I see two options for price movement!
1) If the price reaches the lower boundary of this triangle and trades near it, it could mean that the price is likely to break this triangle and go down, a good opportunity to enter a short position could be if the price breaks it and retests it as resistance.
2) If price rebounds and goes to the triangle's upper boundary, breaks through it, breaks through the upper boundary, and tests it as support, that would be a good opportunity to buy.

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P.S. I personally will open entry if the price will show it according to my strategy.
Always make your analysis before a trade

2 juil. 2021

Note

The price went beyond the trend line, collected liquidity, returned above the trend line, and then went according to our scenario