Binance Coin (BNBUSD) is currently on its 4th straight red week (and 5 in the last 6), declining aggressively following the October 13 All Time High (ATH). That was also a technical Higher High for the 4-year Channel Up that started following the November 01 2021 Top of the previous Cycle.
As you can see the sequences that led to both Channel Up tops are similar. Technically this implies that the recent 6 week decline is the start of the new Bear Cycle (Bearish Leg for the Channel Up).
The price is now approaching the 1W MA50 (blue trend-line), which is the first Support, with the 1W MA100 (green trend-line), this time right below it.
Technically, we could see this Bear Cycle decline by as much as the previous one, -71.81%, and hit $400 before it bottoms. A solid indicator for when to buy BNB during this correction, is the 1W RSI hitting 30.00 (oversold), as it did on June 13 2022, which market the Cycle's bottom.
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As you can see the sequences that led to both Channel Up tops are similar. Technically this implies that the recent 6 week decline is the start of the new Bear Cycle (Bearish Leg for the Channel Up).
The price is now approaching the 1W MA50 (blue trend-line), which is the first Support, with the 1W MA100 (green trend-line), this time right below it.
Technically, we could see this Bear Cycle decline by as much as the previous one, -71.81%, and hit $400 before it bottoms. A solid indicator for when to buy BNB during this correction, is the 1W RSI hitting 30.00 (oversold), as it did on June 13 2022, which market the Cycle's bottom.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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