Binance May Get Stuck in a BTC Situation
BNB is facing fierce resistance from an old trend line that connecs the last 1 major peaks across 2 different bull cycles. So far, it failed to penetrate it twice and the momentum is decreasing accordingly. OBV is showing almost horizontal levels despite the increase in the price, while RSI si signaling decaying momentum. In face of this resistance, there are 2 main lines of support: horizontal, historical resistance, and the trend of the low prices. The latter forms a triangle pattern with resistance and is a strong support if compared to the horizontal line I mentioned.
The Fib fan shows that we arwe exactly at the original trend line after the correction in February. This is good news. The bad news, however, is that we may find support again below both of the aforementioned trend lines at the first Fib retracement around the 500 price. If it happens, then we will witness something similar to the current BTC graph, which would be interesting for an alt coin which was growing exponentially a short while ago.
For now, for the short term, the direction is downwards.
The Fib fan shows that we arwe exactly at the original trend line after the correction in February. This is good news. The bad news, however, is that we may find support again below both of the aforementioned trend lines at the first Fib retracement around the 500 price. If it happens, then we will witness something similar to the current BTC graph, which would be interesting for an alt coin which was growing exponentially a short while ago.
For now, for the short term, the direction is downwards.
Penafian
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