BNBUSD is trading inside a Channel Down since September 2019 currently testing both the Lower High line as well as the MA200 on the 1D chart.
Levels to watch:
- The Resistance levels are 21.9000 and 24.0000 while the Support levels are 12.7000 and 11.8000.
- The Channel Down is making the first important test of the mid December uptrend on the Lower High and MA200 on the 1D chart.
- The MA50 provides support when the price is trading near Lower Highs but when it breaks, strong downtrend starts.
- The MACD is starting to reverse, as it did in November.
Projection:
- BNB is at the moment neutral as even though it is trading within a long term Channel Down, it is close to the MA200 on the 1D chart, breaking of which constitutes a trend change but a rejection can deliver a new low. For that reason we have set a break out level at 16.2500: a bounce there will start invalidating the Channel Down and may lead to testing the Resistances, while a break below (as well as the MA50) will most likely repeat the Channel Down pattern of Lower Lows.
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Levels to watch:
- The Resistance levels are 21.9000 and 24.0000 while the Support levels are 12.7000 and 11.8000.
- The Channel Down is making the first important test of the mid December uptrend on the Lower High and MA200 on the 1D chart.
- The MA50 provides support when the price is trading near Lower Highs but when it breaks, strong downtrend starts.
- The MACD is starting to reverse, as it did in November.
Projection:
- BNB is at the moment neutral as even though it is trading within a long term Channel Down, it is close to the MA200 on the 1D chart, breaking of which constitutes a trend change but a rejection can deliver a new low. For that reason we have set a break out level at 16.2500: a bounce there will start invalidating the Channel Down and may lead to testing the Resistances, while a break below (as well as the MA50) will most likely repeat the Channel Down pattern of Lower Lows.
If you like this idea give us a like, follow and share your thoughts in the comments section below. Remember to stay tuned for future technical analysis , news, updates, and more from PrimeXBT!