BNB clear ideal invers head and shoulders
my analysis on BNB forming an inverse head and shoulders pattern . Here’s a more detailed breakdown:
1. Inverse Head and Shoulders Formation:
- The chart clearly depicts a classic inverse head and shoulders pattern, a strong bullish reversal signal. The pattern consists of two lower lows (the shoulders) and one deeper low (the head), indicating a shift from a bearish to a bullish trend.
- Entry Point: As you noted, the price is currently testing the 0.5 Fibonacci retracement level (~562.2). This is a common area for reversals in such patterns, making it a strong entry point for traders looking to ride the bullish momentum.
-TP1 : The first take-profit target sits at the 0.618 Fibonacci level (~622), which is often a critical resistance level. Traders tend to scale out of positions here to lock in profits, especially in case the resistance holds.
- **TP2**: The second target aligns with the 0.786 Fibonacci level (~665.8), which is a more ambitious upside goal, indicating further potential gains if the momentum continues.
3. Retest of Support:
- Before reaching TP1, the price may retest the neckline (currently around 0.5 Fibonacci) to confirm it as support that might be confirmed within few days. If the retest is successful, it would provide additional confidence for traders to hold positions for higher targets.
4. Projected Move:
- After a potential breakout past TP1, a move towards TP2 is probable if bullish momentum sustains. Finally, TP3 could represent the complete head-and-shoulders breakout target, which is the total height of the pattern added to the neckline, pushing prices beyond the current range.
Please make sure about key take away:
- Watch for **volume confirmation** during the breakout.
- Be cautious of **false breakouts**, especially around key levels (0.5 and 0.618), as price could retrace if the line is not touched at least 3 point as It was strong resistance for past few months.
This is a classic bullish setup, and following these levels with proper risk management could be profitable.
1. Inverse Head and Shoulders Formation:
- The chart clearly depicts a classic inverse head and shoulders pattern, a strong bullish reversal signal. The pattern consists of two lower lows (the shoulders) and one deeper low (the head), indicating a shift from a bearish to a bullish trend.
- Entry Point: As you noted, the price is currently testing the 0.5 Fibonacci retracement level (~562.2). This is a common area for reversals in such patterns, making it a strong entry point for traders looking to ride the bullish momentum.
-TP1 : The first take-profit target sits at the 0.618 Fibonacci level (~622), which is often a critical resistance level. Traders tend to scale out of positions here to lock in profits, especially in case the resistance holds.
- **TP2**: The second target aligns with the 0.786 Fibonacci level (~665.8), which is a more ambitious upside goal, indicating further potential gains if the momentum continues.
3. Retest of Support:
- Before reaching TP1, the price may retest the neckline (currently around 0.5 Fibonacci) to confirm it as support that might be confirmed within few days. If the retest is successful, it would provide additional confidence for traders to hold positions for higher targets.
4. Projected Move:
- After a potential breakout past TP1, a move towards TP2 is probable if bullish momentum sustains. Finally, TP3 could represent the complete head-and-shoulders breakout target, which is the total height of the pattern added to the neckline, pushing prices beyond the current range.
Please make sure about key take away:
- Watch for **volume confirmation** during the breakout.
- Be cautious of **false breakouts**, especially around key levels (0.5 and 0.618), as price could retrace if the line is not touched at least 3 point as It was strong resistance for past few months.
This is a classic bullish setup, and following these levels with proper risk management could be profitable.
ملاحظة
Now that the candles have successfully broken above the 0.5 Fibonacci retracement level and established strong support, the bullish setup is gaining strength.
This is my opinion Updated Technical Analysis for BNB
- The price has broken above the 0.5 Fibonacci level (~562.2) and formed support, which confirms the **inverse head and shoulders** breakout. This indicates a shift in market sentiment from bearish to bullish and strengthens the likelihood of further upward movement.
New support has been formed around 0.5 Fibonacci is crucial. It has been tested and held, giving traders confidence in maintaining long positions.
Next Target (TP1 at 0.618 Fib ~622)
As the breakout confirmed, the next logical TP1 target is the 0.618 Fibonacci level at ~622. This will likely be the next resistance point where sellers might start taking profits, and it’s a key decision area for traders.
Always check volume here. If you see an increase in volume during the move toward TP1, it reinforces the bullish TP2 (0.786 Fib ~665.8)
This level often serves as a strong secondary resistance, but with support established and momentum in place, this could be achievable.
There might be Re-entry Opportunities
f the price pulls back to the 0.5 Fibonacci level to retest support, this would offer a solid **re-entry opportunity** for those who missed the initial move. Look for bullish confirmation candles before considering new positions.
### Next Steps for Your TradingView Idea:
- **Update the Entry Point**: Adjust the **entry point** on your chart to reflect the current price above the 0.5 Fibonacci level, indicating it as a **confirmed support** zone.
Keep your **TP1 at 0.618 Fibonacci** and **TP2 at 0.786 Fibonacci**.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.