Come one, come all: Akinabourse here and welcome to a new installment of Binance Coin (BNB) 360. I’m publishing this one day later than usual: apologies for the delay! So, what does technical analysis tell us about investors’ trading sentiment in the market? Are we seeing the dip everyone has been looking for, or the continuation of the decline? Let’s try and see in this article – welcome to Binance Coin 360 #11!
As always, let’s start on the daily to understand the state of the market and investors. The medium-term trend remains bearish with lower and lower lows. Volumes are excessively low and as long as they remain in this state, a bullish recovery is difficult to imagine. So keep an eye on these volumes.
We are still at the top of the range with a rising line of support that is holding for now. The long-term analysis, therefore, indicates that sellers are in the majority, but mainly that few buyers are above this price level. In addition, we can indicate some key levels such as the top of range or the bottom, which serve as resistance and support, respectively.
Let’s refine our analysis with the four-hourly. We see the rising support that is driving the price. If it breaks, we can anticipate a continuation of the decline. In the meantime, we are stuck under resistance, but with a slight increase in volume. A break of resistance is a possible scenario.
There is a line of resistance that held down the price during this drop, but when it broke the price rebounded on it before starting to rise again. Finally, a double bottom has formed, synonymous with a possible bullish continuation.
Now, on a smaller timeframe again, let’s look at this descending channel. The price, having hit support, seems to be heading up. The order block (OB) has beautiful volumes as always. A break of the high points would be a signal to flip bullish on the short timeframe.
This concludes my analysis of BNB. It remains to be seen how Binance’s new Launchpad will affect the price. Do not hesitate to give me feedback, especially on what you would like to see in my analysis. Remember: never invest more than you can afford to lose and above all DYOR. Happy trading and see you soon for a new article!
Passionate about technical analysis and technology, I have been diligently following cryptocurrencies since 2017. Beyond trading and investing, I try to democratise, in my own way, the ecosystem that will undoubtedly change our habits in the future!
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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