BNBUSDT potential for another leg lower seen. Level to watch..
Price is bouncing off at the 50% retracement of the strong breakout rally from 16-FEB, but is currently stalling at around 300 which I think is a local resistance area that the bulls need to clear as a bullish signal.
Sure there is always a possibility of another leg down even if we see 300 break but the probability is reduced.
After 300 breaks, we will want to see a new confirmed ATH next to maintain bullish momentum.
Also another scenario is that these could be the beginning of a trading range but we will need more price action data before we can suggest this to be the current scenario.
Sure there is always a possibility of another leg down even if we see 300 break but the probability is reduced.
After 300 breaks, we will want to see a new confirmed ATH next to maintain bullish momentum.
Also another scenario is that these could be the beginning of a trading range but we will need more price action data before we can suggest this to be the current scenario.
Comment:
There we have it. Is this pullback complete? Not likely but we never know. Probability of a leg up is good but the entire crypto space sold off very strongly so let's see how this pans out. I am somewhat bullish from these prices but we could see a 2nd leg down at a higher time frame like the daily chart.
Not trading advice.