At the time of writing, the price is trading very close to the resistance line of the channel.
Will the price break out or decrease towards the support line?
To decide which is more likely, BNB price is analyzed at one-hour intervals alongside the 100- and 200-period moving averages (MAs) and the RSI below:
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We can see that the price is trading above the 100- and 200-period moving averages. However, no bullish cross has occurred between them yet.
Furthermore, the RSI has been mirroring price movements and has not created any type of divergence.
Therefore, we do not see a profitable trade setup inside this pattern. A possible short trade setup could be identified if the price keeps increasing close to the resistance line of the wedge. Until then, however, we will not initiate a trade.
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Conclusion
To conclude, TRX is trading inside a long-term neutral pattern while BNB is trading inside a bearish one. The technical indicators give a bullish outlook for TRX and a neutral one for BNB. Furthermore, we have initiated a long trade setup for TRX last week, and are currently moving the stop loss higher to a break-even point.
In the case of BNB, the price is also trading inside a short-term ascending broadening wedge. However, the indicators have not yet given a clear indication of where the price is heading.
Therefore, we believe that TRX will see more profitable price fluctuations during the upcoming weeks. While no new trade setups have been initiated for TRX, an adjustment was made in last week’s setup. We are also approaching the first target in which we can take partial profits.
A summary is presented in the table below:
|
TRX
|
BNB
|
WINNER
|
Outlook
|
Trading inside a horizontal channel |
Ascending Broadening Wedge (Bearish)
|
TRX
|
Pattern & Indicators
|
Bullish divergence developing in the RSI and the MACD.
|
Price is above the moving averages, a bullish cross is yet to occur.
|
TRX
|
Trade Setup |
Stop loss moved higher |
None |
TRX |
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.