$Binance Life hit a new 7-day high (but has since fallen back below its previous high). Current price: 0.5282; previous high: 0.5287.
After a new high, there are three common scenarios:
① Pull back to the previous high and hold, then make a new high: the healthiest scenario
② Consolidate around the previous high: a change of hands as the market decides its direction
③ Fall back below the previous high and fail to reclaim it: a false breakout
We’re seeing signs of ③ at the moment; the key is whether it can reclaim the previous high.
#BinanceLife
Markets involve risk. Please invest with caution.
After a new high, there are three common scenarios:
① Pull back to the previous high and hold, then make a new high: the healthiest scenario
② Consolidate around the previous high: a change of hands as the market decides its direction
③ Fall back below the previous high and fail to reclaim it: a false breakout
We’re seeing signs of ③ at the moment; the key is whether it can reclaim the previous high.
#BinanceLife
Markets involve risk. Please invest with caution.