Hello everyone, I invite you to review the BNB chart taking into account the four-hour interval. We will start by defining the upward trend channel from which the price broke out at the bottom and the decline itself was similar in size to the channel, then using the yellow line we define the downward trend line from which the price broke out at the top and created the upward trend channel in which we are currently moving.
Let's start by marking support areas for the price and we can see that the first support zone is from $244 to $236, but if the price drops lower, we can see the price return to the second zone from $223 to $214.
Looking the other way, we can similarly determine resistance, but here, after unfolding the Fib Retracement grid, we have a visible strong resistance zone from $248 to $261, until the price overcomes it it will not be able to grow further.
The CHOP index indicates that there is still energy for a move, the RSI indicator shows a recovery, despite a small movement on the price chart, there is still room for the price to go lower, while on the STOCH indicator we fell to the lower limit, which resulted in a slowdown in the recovery and gives a temporary sideways trend.
Let's start by marking support areas for the price and we can see that the first support zone is from $244 to $236, but if the price drops lower, we can see the price return to the second zone from $223 to $214.
Looking the other way, we can similarly determine resistance, but here, after unfolding the Fib Retracement grid, we have a visible strong resistance zone from $248 to $261, until the price overcomes it it will not be able to grow further.
The CHOP index indicates that there is still energy for a move, the RSI indicator shows a recovery, despite a small movement on the price chart, there is still room for the price to go lower, while on the STOCH indicator we fell to the lower limit, which resulted in a slowdown in the recovery and gives a temporary sideways trend.