BNB/USD - On the way to $250. Bearish bias. 🤬
BNB is in a large pennant ever since it made its current ATH. The price bounced off our resistance and is falling towards our support.
There is not much to hold this price from falling until around $260 which seems like a good area to stop the fall. We have both our pennant support and also the Fib 61% level at that price range.
If that support wont hold us, then it means the overall market will tank, with BTC and ETH breaking their key support levels (see my related ideas below).
As such, bias remains bearish for now and best to consider shorts in this market. Indicators are also bearish and I don't see much to change until October.
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There is not much to hold this price from falling until around $260 which seems like a good area to stop the fall. We have both our pennant support and also the Fib 61% level at that price range.
If that support wont hold us, then it means the overall market will tank, with BTC and ETH breaking their key support levels (see my related ideas below).
As such, bias remains bearish for now and best to consider shorts in this market. Indicators are also bearish and I don't see much to change until October.
Like and follow if you liked this idea!
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