BINANCE(BNB) has often been characterized as the MOST popular decentralized cryptocurrency exchange.
A QUICK SNAPSHOT OF BNB:
Age 11 mos
Marketcap (current) $1.6B
Price (USD) $14.25
Price (BTC) 0.0022฿
24hr Change (%) -1.10%
24hr Trade Volume $67.11M
All Time High $22.48
All Time High Date 2018-1-12
% down from ATH 36.61%
On the 2 hours time frame,After lossing 36.61% from its ATH and currently with a price of 14usd, BNB is currently ranging within a price range tht might likely see more down trend or slight test 20usd again soon.
To determine if BNB will trend down or upward, ichimoku metrics and the a chart pattern will be used to check the possible trend in price.
THE BEARISH PENNANT FLAG PATTERN
We all know and have seen how the bearish pennant flag pattern ought to play out, before in this crypto-space, the reverse has always been the case. Most of the break out in the bearish pattern is to the up side 60% of the time.
In most cases price usually reverse to the upside.
PREVIOUS MARKET PERFORMANCE RESULTS:
Break even failure rate for up/down breakouts: 2%; 4%
Average rise/decline: 25%; 19%
Throwback/pullback rate: 47%; 31%
Percentage meeting price target for up/down breakouts: 60%; 51%
Price trend Can be any direction leading to the chart pattern.
Shape of the flag Looks like a short symmetrical triangle.Prices move between two converging trendlines.
The flagpole which leads to the pennant should be unusually steep and last several days.
Volume trend Downward trend 88% of the time.
Breakout Upward 60% of the time and downward 40% of the time. AS SHOWN BELOW:
THE ICHIMUKO METRIC
Tenkan(T blue EMA), Kijun(K RED EMA), senkou span(A&B) and Lagging span.
On the one day time frame, the ichimoku metric is very clear with its signal saying KIJUN BOUNCE, while every other metric is super bullish.
once the red EMA (KIJUN) is totally flat and Tenkan(T) is a little bit far away from the KIJUN, it call for a pull back in price.The flat KIJUN ema will serve as a support a likely bounce off zone for price.
The cloud is green( bullish), Lagging span is above price annd above cloud and lastly TK cross above cloud.
MARKET SUGGESTION: (in USD)
price can move any direction(up or down), a position should be taken only when price closes on any direction it closes.
BUY:10usd(if it breaks downward after confirming that price has closed below the flag) and 15usd(if it closes above the flag)
SELL:17usd (or hold for long term)
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.