BNB Looking To Break Bearish From Descending Triangle Pattern
BNB is about to reach maximum consolidation between the downtrending resistance (dotted line) and the psychological support at 150,000 Sats, that has held the asset up for the last few weeks.
From here it's likely to continue downward until it finds new support along the uptrending level (black line). RSI on 1D, 4H and 2H are showing a marked decline in momentum. We could potentially see a second consolidation phase if BNB continues to track along the new support and pinches between the downtrending resistance again.
The blue region represents the neckline/ 'dangerzone' for BNB. We would like to see bulls find support along these two levels and attempt a reversal.
The lowest support of this dangerzone at 140,000 Sats has been a key support for this asset historically. If it falls beneath here, it is likely to become a VERY strong resistance and will force BNB into a nasty decline.
I'm bearish for short-term, bullish long-term.
Would love to hear people's thoughts and constructive criticisms on this view.
Cheers
From here it's likely to continue downward until it finds new support along the uptrending level (black line). RSI on 1D, 4H and 2H are showing a marked decline in momentum. We could potentially see a second consolidation phase if BNB continues to track along the new support and pinches between the downtrending resistance again.
The blue region represents the neckline/ 'dangerzone' for BNB. We would like to see bulls find support along these two levels and attempt a reversal.
The lowest support of this dangerzone at 140,000 Sats has been a key support for this asset historically. If it falls beneath here, it is likely to become a VERY strong resistance and will force BNB into a nasty decline.
I'm bearish for short-term, bullish long-term.
Would love to hear people's thoughts and constructive criticisms on this view.
Cheers