Bullish pennant on 4HR. Is it going for another ATH ?
This analysis is for BNBUSDT on 4H timeframe.
I am using below setup for this analysis
Indicator used : MFI (Money Flow Index) which is more like a volume RSI and tells us if an asset is in overbought or oversold zone. If MFI is above 80, it shows it's in the overbought zone. If below 20, it's oversold. This is the basic setup, though can be changed as per needs.
I am also using EMA's 20, 50, 100 and 200 to check the crossover, which generally shows us a bullish sign if ema's crossover each other, and bearish signs if ema's crossunder each other. In this case, all ema's are currently crossed over which shows upward price action, however every price action is also dependant on various other factors such as volume, overall market conditions etc etc.
In this analysis, I have spotted a Bullish Pennant. A bullish pennant indicates the continuation of a strong upward price move. They're formed when a market makes an extensive move higher, then pauses and consolidates between converging support and resistance lines. If the price action is able to break this pennant towards the upside, BNB might see another ATH. However, if the pennant is not broken and the asset sees a price decrease, any long positions should be closed and wait for a confirmation in either directions. MFI has been rejected from the overbought zone thrice, however if the pennant is broken upwards, it's going to get in the overbought zone once again and try to achieve a new ATH.
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I am using below setup for this analysis
Indicator used : MFI (Money Flow Index) which is more like a volume RSI and tells us if an asset is in overbought or oversold zone. If MFI is above 80, it shows it's in the overbought zone. If below 20, it's oversold. This is the basic setup, though can be changed as per needs.
I am also using EMA's 20, 50, 100 and 200 to check the crossover, which generally shows us a bullish sign if ema's crossover each other, and bearish signs if ema's crossunder each other. In this case, all ema's are currently crossed over which shows upward price action, however every price action is also dependant on various other factors such as volume, overall market conditions etc etc.
In this analysis, I have spotted a Bullish Pennant. A bullish pennant indicates the continuation of a strong upward price move. They're formed when a market makes an extensive move higher, then pauses and consolidates between converging support and resistance lines. If the price action is able to break this pennant towards the upside, BNB might see another ATH. However, if the pennant is not broken and the asset sees a price decrease, any long positions should be closed and wait for a confirmation in either directions. MFI has been rejected from the overbought zone thrice, however if the pennant is broken upwards, it's going to get in the overbought zone once again and try to achieve a new ATH.
Happy Trading
For more trading ideas follow us.
註釋
It broke too early. Good place to buy
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