BNB - Head and Shoulders + Double top
After longing from the $277 level and hitting our target of $303, we are starting to form the right shoulder of our H&S pattern.
After topping out around $337 in May of 2022 we just recently "double topped" around $336 in August 2022 giving more credit to another large move to the downside. In addition to the double top, we are creating a head and shoulders pattern on the 4H. If we close a 4H candle below $277 then our measured move price target is around $230 for this pattern. It is possible we get a wick somewhere between $308-315, but with the majority of candles closing below $303 we will still continue downwards.
After topping out around $337 in May of 2022 we just recently "double topped" around $336 in August 2022 giving more credit to another large move to the downside. In addition to the double top, we are creating a head and shoulders pattern on the 4H. If we close a 4H candle below $277 then our measured move price target is around $230 for this pattern. It is possible we get a wick somewhere between $308-315, but with the majority of candles closing below $303 we will still continue downwards.
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