Binance Coin Lower High & Descending Trendline
The latest lower high, 15-September, did not reach the "descending trendline." This is a sign of weakness and reinforces the chart's bearish bias.
Every time Binance Coin produced a pull-back the major descending trendline worked as resistance. Seeing this level being challenged again on the most recent pull-back would be the norm. The fact that we are seeing very low volume and a reversal happening much lower than the trendline is a sign for concern, why?
Because even if prices start moving up again the main descending trendline in black remain valid as resistance and would likely produce a breakdown and potentially a lower low.
➖ BNBUSDT continues bearish. A move and close above $635 would give credence to the bullish case. Trading below this level is bearish.
Namaste.
Every time Binance Coin produced a pull-back the major descending trendline worked as resistance. Seeing this level being challenged again on the most recent pull-back would be the norm. The fact that we are seeing very low volume and a reversal happening much lower than the trendline is a sign for concern, why?
Because even if prices start moving up again the main descending trendline in black remain valid as resistance and would likely produce a breakdown and potentially a lower low.
➖ BNBUSDT continues bearish. A move and close above $635 would give credence to the bullish case. Trading below this level is bearish.
Namaste.
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