📌ANALYSIS ON BNBUSDT 📊👇🏻
BNBUSDT's trendline breakout analysis suggests a potential bearish move. The probability of this move is increasing, and here's what to watch out for: BNBUSDT has already taken liquidity and shown a Change of Character (CHoCH), signaling a shift toward a bearish market structure ¹ ² ³.
Key Levels to Watch:
- Support: $566, $563
- Resistance: $587, $590
Technical Analysis:
The Relative Strength Index (RSI) indicates a neutral position at 50.49. Notably, Binance Coin has formed a lower high and is moving in a descending trendline, reinforcing the chart's bearish bias.
Trade Ideas:
Consider short-term sell trades, targeting $563 and $558. Long-term investors can consider buying on dips, targeting $600 and $620.
Market Sentiment:
- Bearish: 60%
- Bullish: 40%
However, some analysts suggest a potential reversal in the near future. BNB coin price shows a falling wedge pattern breakout as it bounces back from $200, indicating a decrease in selling pressure and a possible trend change. If BNB can sustain this momentum, it may soon breach $230, which is the next major resistance level and the 23.6% Fibonacci retracement level of the downward move from $350 to $200.
