Over the last week, BNB has formed a classical bullish triangle. Classically speaking, this is a bullish pattern. But since alts are highly correlated to BTC, this break out could go two ways.
In the bullish scenario, BNB will bounce off the lower support and move up towards the upper resistance, potentially breaking out of it. BTC will need to break out through the 36k resistance in order for this to happen.
In the bearish case, BTC will move back towards 34k (potentially lower) and BNB could go as low as $270, following BTC on foot.
Keep a close eye on BTC when trading alts.
Happy trading!
In the bullish scenario, BNB will bounce off the lower support and move up towards the upper resistance, potentially breaking out of it. BTC will need to break out through the 36k resistance in order for this to happen.
In the bearish case, BTC will move back towards 34k (potentially lower) and BNB could go as low as $270, following BTC on foot.
Keep a close eye on BTC when trading alts.
Happy trading!
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