BNB: waiting for the price breakout to show direction

BNB: Waiting for the price breakout to show direction

BNB is forming a contracting triangle which indicates that it can easily break out on either side.

The breakout will show the future direction of the price and this is the best way we can trade it considering that this pattern formed in this area is very complex at the moment.

If the price moves below the pattern or below 600, BNB could drop to other support areas/targets near 588, 570 and 545.

If the price moves above the pattern or above 640, this should confirm the bullish scenario and BNB could rise towards the resistance areas/targets near 660; 692 and 720.

I am more focused on the bullish scenario, however only the breakout will show the future direction of the price.

You may find more details in the chart.
Thank you and good luck! 🍀

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