💥The pair is attempting to pullback in the downtrend, but the recovery is facing selling just below the 38.2% Fibonacci retracement level of 0.010 BTC. This shows that the sentiment remains negative and traders are selling on the rise.
👉If the price continues to decline and breaks below the 20-week simple moving average (0.009 BTC), the BNB/BTC pair could reach the 50-week simple moving average (0.008 BTC). This level is likely to attract buyers, which could keep the pair stuck between the 50-week SMA and 0.010 BTC for a while.
👉Conversely, if the price rebounds from the 20-week EMA, this will indicate that the bulls are buying on dips. The bulls will then attempt to clear the overhead barrier at 0.010 BTC. If successful, the pair could move to the 50% Fibonacci retracement level of 0.012 BTC and then to the 61.8% retracement level of 0.014 BTC. The bulls will have to clear this barrier to indicate that the downtrend is over.
