He outlined two bullish patterns for ETH and BNB, respectively — suggesting that they will soon break out. Let’s take a close look at both of them and decide if this is the case.
Expecting top majors to start catching up. Send it 🇨🇳 pic.twitter.com/ITwdbj8Ubw— cuban (@cubantobacco) October 29, 2019
EthereumEthereum just broke out from the descending wedge it had been trading in since July 9. It did so after creating a double bottom near $160. However, the breakout transpired with low volume and the succeeding bearish doji had high volume — somewhat diminishing the chances of a continued upward movement. The closest resistance area is found at $230. In the short-term, Ethereum is trading inside an ascending triangle. This is likely to act as a continuation pattern after the previous breakout. The bullish outlook is strengthened by the bullish cross of the 100- and 200-day moving averages (MA). This makes us believe that Ethereum may move towards the previously outlined resistance area.
Binance CoinThe Binance coin price is not following any long-term trading patterns. Rather, it is trading inside a short-term ascending wedge. Additionally, while the price has been making higher highs, there is bearish divergence developing in the RSI. The closest support area is found between $18-$19. Contrary to Ethereum, the outlook for BNB looks bearish and we would expect a decrease towards the support area.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
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