Hello everyone, let's take a look at the BNB to USDT chart on a one hour time frame. As you can see, the price is moving below the local uptrend line.
After unfolding the FIb Retracement grid, we can mark a strong support zone with a price ranging from $212 to $209.7, while we still have support at $206.5.
Looking the other way, there is a resistance zone from $214.9 to $215.9, then there is resistance at $217.2, another at $219.1, and then there is resistance at $221.6.
Looking at the CHOP indicator, we see that there is some energy left for continuation, the STOCH indicator shows that the upper limit has been exceeded, which resulted in another recovery, and the RSI shows a pullback, which may result in a greater drop in the price.
After unfolding the FIb Retracement grid, we can mark a strong support zone with a price ranging from $212 to $209.7, while we still have support at $206.5.
Looking the other way, there is a resistance zone from $214.9 to $215.9, then there is resistance at $217.2, another at $219.1, and then there is resistance at $221.6.
Looking at the CHOP indicator, we see that there is some energy left for continuation, the STOCH indicator shows that the upper limit has been exceeded, which resulted in another recovery, and the RSI shows a pullback, which may result in a greater drop in the price.