Binance Coin On The Decline: Chart Revisited

26 Ogo

We are not new to Binance Coin's bearish bias, we've been at it for a while. Things are different now, it is so clear that no single shred of doubt remains... Do you agree?

We are looking at BNBUSDT on the daily timeframe and the drawings on the chart are self-explanatory, but, let's review them one last time before the crash.

The failed signal/bull-trap in June is quite revealing, it literally reveals the top.

Just as a strong breakdown leading to a lower low that quickly recovers is considered a bullish signal; in reverse, a strong breakout that quickly reverses is considered a bearish signal.

A signal is just a signal, it doesn't mean down or up, only price action can confirm if the signal we spot on the chart is real. Price action confirms the bearish signals in this case.

After June, BNB starts to produce lower lows.

A crash in July, a crash in August and now we are set for another crash in September; the chart patterns are all exactly the same. A slow bounce that produces a rising wedge, the rising wedge breaks down after a lower high leading to a new lower low and then repeat the same.

We are expecting lower on this and other major pairs.

Prepare.

Namaste.