#BNBUSDT Falls By 20% To Hug The 200 MA
🔸The BNBUSDT pair experienced a fall in price from $580 to $455 between July 3 and July 5, a 20% decrease in price following the Mt. Gox releasing $9 billion worth of BTC resulting in over 100M of leveraged positions getting liquidated.
🔹The bears pushed the price into the oversold territory which is the reason for the price rebound to $530. If the 200 MA that is currently holding the price up cracked, the bears can push the price back to $455 and from there to $396 and $340.
🔸But this depends heavily on the overall crypto market's performance, if the market conditions improved and the price stayed above the 200 MA the next resistance would be $590, $622, $637, $670 and $720.
Zanzibar Trading
🔹The bears pushed the price into the oversold territory which is the reason for the price rebound to $530. If the 200 MA that is currently holding the price up cracked, the bears can push the price back to $455 and from there to $396 and $340.
🔸But this depends heavily on the overall crypto market's performance, if the market conditions improved and the price stayed above the 200 MA the next resistance would be $590, $622, $637, $670 and $720.
Zanzibar Trading
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