Due to macroeconomics factors the price didn't reach the upper level target but continued in a downtrend, without recovering the buyers' levels.
The bearish momentum recovers at 0.382 fibo level and I expect a final downtrend before reaching the new maximum.
The last sell fibo levels coincide with the support (670-690) which indicates a interesting entry area since anew recover may occur.
The last target, around 670 USDT, will indicates a returning to the normal price channel of BNB, concluding the head-shoulders shape but breaking the June's uptrend, and probably resulting in a short-time range.
At the same time, if the price reaches this area, it breaks the daily uptrend line, and may led to the new minimum, 650-600. But this need to be carried by a bearish altcoin season.
This will exhaust the sellers' demand. A new uptrend cycle may be induced, also supported by the positive fundamentals and geopolitical opinion. We can't let our analysis relay on this utter demand, due to its affability, but the growing public acceptance is a variable that has to be taken into consideration.
In particular for this coin, BNB.
On the weekly tf, the dupport/target area for sellers coincides with the 0.618 fibo level of June leg up.
If the price regularly consolidates at 0.618, the new maximum can be between 933 and 1040.
This will technically indicate a new up trend cycle, always supported by a similar trend of altcoins.
thanks for reading,
M
The bearish momentum recovers at 0.382 fibo level and I expect a final downtrend before reaching the new maximum.
The last sell fibo levels coincide with the support (670-690) which indicates a interesting entry area since anew recover may occur.
The last target, around 670 USDT, will indicates a returning to the normal price channel of BNB, concluding the head-shoulders shape but breaking the June's uptrend, and probably resulting in a short-time range.
At the same time, if the price reaches this area, it breaks the daily uptrend line, and may led to the new minimum, 650-600. But this need to be carried by a bearish altcoin season.
This will exhaust the sellers' demand. A new uptrend cycle may be induced, also supported by the positive fundamentals and geopolitical opinion. We can't let our analysis relay on this utter demand, due to its affability, but the growing public acceptance is a variable that has to be taken into consideration.
In particular for this coin, BNB.
On the weekly tf, the dupport/target area for sellers coincides with the 0.618 fibo level of June leg up.
If the price regularly consolidates at 0.618, the new maximum can be between 933 and 1040.
This will technically indicate a new up trend cycle, always supported by a similar trend of altcoins.
thanks for reading,
M
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Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.