- Traders to expect the sideways trading to culminate in an upward move past $20.00.
- The reaction to the inverted head-and-shoulders pattern is the strongest trend indicator.
BNB/USD has a looming upside breakout on Wednesday following the formation of an inverted head-and-shoulders pattern. The formation of this pattern indicates a trend continuation, in this case, Binance Coin is likely to extend the gains above $20.00. The gains come after a trend reversal occurred when the price fails to make any significant movement past $20.50 in the first week of April. The price dipped under both the 12 exponential moving average (EMA) 4-hour and the 26 EMA 4-hour.
A bottom was formed marginally above $16.50 giving way for a rebound and the completion of the head formation of the pattern. A correction to the upside pulled above the 12 EMA and 26 EMA. This move saw the bulls’ confidence increase as they took more positions. BNB/USD touched $20.00 before reversing…
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