BNB- A breakout might be in order
Hello everyone
We all witnessed the weak bear market in the last couple of days,now we may get close to the end of this bear trend.The clues are , less selling pressure in the market and higher lows in the daily chart on BNBUSDT.
A wedge structure can be seen on daily chart and we had a rejection from 375$ four days ago,plus we can see the market starting to have higher lows and the red bars of past two days had shadows almost as long as there bodies.These all shows a possible reversal pattern, which needs a conformation.Price breakout of the bear trend line is what we need to make sure of a reversal or a weak bull trend.
For now, the support lines are, the weekly trend line , support level 375$ and resistance levels are, the bear trend line and 390$ level( it's broken but without conformation)
We all witnessed the weak bear market in the last couple of days,now we may get close to the end of this bear trend.The clues are , less selling pressure in the market and higher lows in the daily chart on BNBUSDT.
A wedge structure can be seen on daily chart and we had a rejection from 375$ four days ago,plus we can see the market starting to have higher lows and the red bars of past two days had shadows almost as long as there bodies.These all shows a possible reversal pattern, which needs a conformation.Price breakout of the bear trend line is what we need to make sure of a reversal or a weak bull trend.
For now, the support lines are, the weekly trend line , support level 375$ and resistance levels are, the bear trend line and 390$ level( it's broken but without conformation)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.