If price of BNB drops, you know I have told you already whyDisclaimer
This technical analysis by no means, is a financial advice and this only works for me and I would like to share it with you, Please do you own research.
In this Analysis I'll explain why BNB will fall by using, different indicators and Price actions.
First of all, this analysis is for short/medium term analysis , long term BNB might be bullish.
BNB rejected 200 MA support level in a downward trend. It is safe to wait for a retest or confirmation that it is a true breakthrough. This is why I put short position around $493 to ensure me to enter short position. $454 is a minor price action support level which is matches with 0.5 Fibonacci. This is correlate with Point Of Control of our Volume profile which we can assume the market has interest to trade between $454- $493. Hence, it is likely price will bounce up and down between support and resistance. Also, bears should break the long-term upward parallels channel and 100 MA which works as major support that correlate with this area.
You might even wait to see if price can breakthrough $454 and enter in short position to put SL as $493 and TP as $328 if you wanna concern more about risk management.
The next major support levels are $414 and $330 that I would take profit along the way.
Also, RSI+ and LMACD support the bearish signals as they illustrate the selling pressure.
Make sure to leave a comment if you have any question.
