Following the recent coin burn, BNBBTC has been trading inside a descending triangle, printing lower highs and equal lows. Looking at the daily chart, one sees that the price has recently tested support and is currently moving higher. While descending triangles normally act as continuation patterns, BNB's strong fundamentals may allow any bit of positive news may soon a push through resistance, signalling the end of this correction. In support of the bullish scenario, the daily RSI and stochastic RSI indicate oversold conditions. Similarly the 4h MACD has recently turned bullish.
On the other hand, if resistance is broken (for instance due to increased BTC volatility) then a move down to the 0.38 fib retracement of the last advance, would not be surprising.
disclaimer: for educational purposes only, not financial advice!
On the other hand, if resistance is broken (for instance due to increased BTC volatility) then a move down to the 0.38 fib retracement of the last advance, would not be surprising.
disclaimer: for educational purposes only, not financial advice!
Comment:
BNBBTC is now pushing through resistance. Should be interesting to see what happens when the 4h stochastic RSI resets
