The Binance Coin (BNBUSD) has been correcting on the medium-term since the August 10 High, the rise that it posted after the June 18 Low. So far, it has retraced to the 0.5 Fibonacci retracement level. Having been rejected on Tuesday on the 1D MA50 (blue trend-line) following the main rejection on the August 10 High on the 1D MA200 (orange trend-line), it appears that BNB is repeating the fractal of last April - May.
As you see on the chart, a 1D MA50 rejection on May 05, caused the price to break below both the 0.5 and 0.618 Fib to a new low on the 1.786 Fib. The 1D RSI sequences are also similar being both within a Falling Wedge pattern. As a result, if the price breaks below the 0.618, we'll consider it a bearish break-out signal, in which case you can target the June low. The 1W MA200 (red trend-line) is expected to provide the next Support.
In order for us to turn bullish again, we need to see a candle closing above the 1D MA200, a trend-line that has been intact since January 20. At the moment the Higher Lows trend-line and the 1W MACD Bullish Cross (which is the first since October 2021) are in favor of the bullish case.
I don't agree with all the arguments this time, but it's a very interesting point of view. I will keep this idea in mind during my trading. Thanks for the idea, mate)