PAIR:BNB/USD THE BULLISH FLAG PATTERN
The uptrend continues despite the poor performance of the crypto-market in this bear market.
On the one hour time frame, price has mantained its uptrend and currently consolidating. Another type of bullish flag pattern has been spotted on the one hour time frame called the FLAG TILT.
A flag pattern is a trend continuation pattern, appropriately named after it’s visual similarity to a flag on a flagpole.
A “flag” is composed of an explosive strong price move that forms the flagpole, followed by an orderly and diagonally symmetrical pullback, which forms the flag.
When the trendline resistance on the flag breaks, it triggers the next leg of the trend move and the coin proceeds ahead.
This pattern starts with a strong almost vertical price spike that takes the short-sellers completely off-guard as they cover in frenzy as more buyers come in off the fence. Eventually, the price peaks and forms an orderly pullback where the highs and lows are literally parallel to each other, forming a tilted rectangle. This time around the inbound trend is upward leading to a flag which tilts upward.
The breakout will only confirm the buy price, shown below:
VERDICT:
BUY: $6.8
SELL:$6.9 up to $7.33
STOP LOSS: $6.62
