Coin burn announced and BNB is sitting on 99DMA Support. Strong resistance at the 19950 which was rejected quickly after the burn announcement. That resistance and the trendline retace at 38.2 are converging. Right now BNB is stuck between strong support and resistance. I got in this trade at 19300 and feel good, but need to bounce off that 99DMA. As you can see we are not over-sold yet, but pretty close. Also the MACD is closing the gap and will hopefully cross. Next support at 17.7 have a stop loss in at 18000.
Current levels all from the 3/24 to the top at 6/18 which is a full 100% extension.
Current levels all from the 3/24 to the top at 6/18 which is a full 100% extension.
Comment:
Daily close below the 99 day and 100 day isnt exactly bullish. 125 Would be next support at about 17750 which should converge on the 25% trendline from 3/24 hoping the 125 will squeeze up into the 100 and produce a nice pop. I have moved stop loss down to 17500.