BNB has been holding up not to badly in these tough times. The key was to wait for a trend reversal to buy back in.
Now we are seeing a possible channel having formed indicating an upwards trend! The RSI is pointing straight up and the MACD is looking for separation and is on an upwards trend - above the 0 level where we will start to see some movement.
It seems we have a possible cup and handle formation having formed within the channel. This is an extremely good sign, if however BNB were not to confirm a breakout even at least a slight one we could see it slip out of the upwards channel I've drawn in. This could be bad.
I will wait for a breakout to execute a trade. This is on the watch list for now!
This is not financial advice please do your own research.
Best of luck, X
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Cup and handle formation invalidated. Now BNB seems to be trying to get back up to the channel!
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BNBs formation and charts are highly dependant on the price of bitcoin as is everything else is in these times. We have to watch both BNB and bitcoin.