BNBUSDT Resistance Confluence| Demand Zone| Bearish Retest
Evening Traders,
Today’s Technical Analysis – BNBUSDT – wedge formation has broken bearish, testing local support (demand zone), which has led to buy backs.
Points to consider,
- Resistance Confluence
- Bearish retest
- Local Support (Demand Zone)
- Stochastic lower highs
- RSI below 50
Long candle wicks confirm buy pressure coming in at local support, BNB is currently putting in a bearish retest at structural resistance, confirmation will likely revisit local support, this will then further solidify a macro lower high.
A break of structural resistance on the other hand will increase the probability of taking out the current high, continuing the trend.
The RSI is currently neutral, not officially oversold whilst the stochastics is projecting lower highs, indicating potential further downside.
Overall, in my opinion, BNBUSDT has two clear levels to breach, structural resistance and or local support. These are key levels to pay attention to when developing a directional bias.
What are your thoughts?
Please leave a like and comment,
And remember,
“There is only one side of the market and it is not the bull side or the bear side, but the right side.” –Jesse Livermore
Today’s Technical Analysis – BNBUSDT – wedge formation has broken bearish, testing local support (demand zone), which has led to buy backs.
Points to consider,
- Resistance Confluence
- Bearish retest
- Local Support (Demand Zone)
- Stochastic lower highs
- RSI below 50
Long candle wicks confirm buy pressure coming in at local support, BNB is currently putting in a bearish retest at structural resistance, confirmation will likely revisit local support, this will then further solidify a macro lower high.
A break of structural resistance on the other hand will increase the probability of taking out the current high, continuing the trend.
The RSI is currently neutral, not officially oversold whilst the stochastics is projecting lower highs, indicating potential further downside.
Overall, in my opinion, BNBUSDT has two clear levels to breach, structural resistance and or local support. These are key levels to pay attention to when developing a directional bias.
What are your thoughts?
Please leave a like and comment,
And remember,
“There is only one side of the market and it is not the bull side or the bear side, but the right side.” –Jesse Livermore