BNB/USDT Is this the end of the current correction?
Hello everyone, I invite you to review the BNB chart in pair to USDT, taking into account the one-day interval. As we can see, the price has broken out of the uptrend line. We also see that we moved the EMA Cross 200 for a while, however, after breaking this strong support, we received a strong drop in price, down to a very strong 0.786 Fib support at $222.8. Should the current support fail to hold the price, we will be able to see the price drop further around the $184.6 support.
Looking the other way, we can similarly identify the resistance points that the price has to face. And here we can see that we have now hit the first resistance at $248.8 which for now bnb has no strength to break through then we have the second resistance at $288.6 the next resistance at $322.1 then the fourth resistance very strong resistance at $354.3.
The CHOP index indicates that the energy has been used up and is slowly increasing, the MACD indicates a continuation of the downtrend, but with a visible flattening after the last decline, while the RSI recorded a strong rebound that definitely broke the lower limit of the range and now we see a return to this limit and a large scope for future price increases.
Looking the other way, we can similarly identify the resistance points that the price has to face. And here we can see that we have now hit the first resistance at $248.8 which for now bnb has no strength to break through then we have the second resistance at $288.6 the next resistance at $322.1 then the fourth resistance very strong resistance at $354.3.
The CHOP index indicates that the energy has been used up and is slowly increasing, the MACD indicates a continuation of the downtrend, but with a visible flattening after the last decline, while the RSI recorded a strong rebound that definitely broke the lower limit of the range and now we see a return to this limit and a large scope for future price increases.