RLinda ! BNBUSDT-> H&S pattern after a false breakdown

16 Sep 2022

BNBUSDT is in a neutral phase, the market is in a sideways range and continues to test support 274.8 for a breakdown. Price is forming a "Head & Shoulders" pattern.

The global chart clearly shows price testing global price channel resistance and continues its decline. The H&S pattern is formed after a false breakdown of resistance 336, which tells us about the strength of the level, but the price is squeezed between the two trend lines and in fact forms a "downward wedge". What will happen next?

Since the pattern is not yet broken and continues to form and we see the price continues to test the support level and does not move far away from it, I continue to expect a break down.

I assume that the price is about to break the support level of 274.8 and form a consolidation below it, after which the price will start its fall. The short-term target is the support level of 241.9, the medium-term target is the level of 217.8

Regards R.Linda!