I'm currently Neutral on BNB as there is no obvious entry here for the way I trade. However, I can see reasons to be both bullish and bearish.
Bullish Case:
BNB may be completing the Handle of a C&H pattern. The Cup isn't exactly pristine, but that might just be a casualty of charting against a volatile asset (BTC). Consider a high-risk/high-reward smaller long position here.
Bearish Case:
BNB is ranging and it's recently bounced off the top of the range. Sell pressure *could* push BNB back down to the bottom of the range.
Either way, I'm on the sidelines here until I see a more interesting entry.
Good luck and Happy New Year! :)
Bullish Case:
BNB may be completing the Handle of a C&H pattern. The Cup isn't exactly pristine, but that might just be a casualty of charting against a volatile asset (BTC). Consider a high-risk/high-reward smaller long position here.
Bearish Case:
BNB is ranging and it's recently bounced off the top of the range. Sell pressure *could* push BNB back down to the bottom of the range.
Either way, I'm on the sidelines here until I see a more interesting entry.
Good luck and Happy New Year! :)
