BNB technical analysis

BNB seen from the temporality of 1W we can observe a bearish structure, the price after finding resistance at 0.0043046 has ended up making three bearish candles to finally find demand zone at 0.0027506, the consolidation in that support has not been defined towards which direction will be the break, we see that bears are preventing the candles close above 0.0029989, if we continue like this, the price could break the consolidation down and continue with the downward structure, the main demand zone I have located at 0.0012657, where the price at that point should have a very large bullish momentum.

BNB seen from the temporality of 1D we can observe more closely as the price is creating a reversal setup trend, the pattern is not yet confirmed, the candles could do a throwback to the blue horinzontal that I have drawn in 0.0027506, if you can test it as a support and we see a next bullish candle we could have a rebound to the resistance located at 0.0034230, otherwise, the price could fall below the horizontal and test it as resistance and continue to fall.

In conclusion, the major structure is bearish, the price of BNB should continue to fall until reaching the support located at 0.0012657, we could have a rebound in 1D, however, while the price does not take as support 0.0034230 and continue to rise, the price will see it falling further. Keep in mind that the price of BTC is with the same structure and should continue to lower affecting the alts market in general, the volume of the alts with their pairs in BTC is still very low in most currencies, so I recommend to be very attentive to the movement of candles in 1D and observe the action of the BTC price.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

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About the author: TIMM Trader
Uniting Experts & Novices for Mutual Profit!

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