BNB analysis BNB – support defended, will that be enough?
2 min readBinance coin (BNB) has long enjoyed great strength. However, the recent declines in the market have brought quite a bit with this coin. But the course has been consolidating one of the important S / R levels for many days. Does that mean we have a market bottom created and we are going up again? So far, this is the case, but the probability of a further decline is definitely not negligible.
Current situation on 1D BNB / USD
Binance coin currently has a bottom at the S / R level of 345 USD, where, according to the volume profile, there is already quite a lot of liquidity. However, the point of control of the volume profile is located at the S / R level of 270 USD, which is the next level in line. If the current support is not maintained in the end, the $ 270 should have enough strength to fully absorb the offer. However, the possibility of quick testing of the S / R level of USD 205, which is the minimum from last year, cannot be ruled out.
If there is any panic in the whole market, then it is realistic to test the level with a wick. Even with such a course, it is necessary to calculate to some extent. The two wicks from May and June last year, which touch $ 205, are a beautiful example of bear trap=.
However, if BTC allows, the BNB can take full advantage of current support. The consolidation has been going on for a relatively long time. The position is therefore well saturated. When the BNB gets enough momentum, price growth can last much longer than just $ 450. But this must be taken with exaggeration. In reality, only the course’s response to contact with resistance counts. Therefore, it is reasonable not to fantasize too far in advance.
Indicators
The daily RSI is currently at less than 40 points. The values of the indicator have not been in the upper half of the values for a very long time. So overcoming those 50 points alone would be a good signal.
