Is BNB going to continue its uptrend or has a double top formed?
BNB has been one of the coins that have been steadily rising since the beginning of the year. After hitting the ATH of around 35 USDT again it has dropped heavily very fast. This might have to do with the recent news of strict terms of service enforcement for US based users. BNB plans to enable margin trading soon so this could be related to that in order to protect themselves. The margin trading is only available in beta testing at the moment. Now the question is whether the bigger up trend will stay in tact.
Volume has increased heavily, but will support be held around 31 USDT? 31 USDT is the 200 4-HR period EMA so this will be an interesting area to watch. An inverted hammer is currently forming, but will have to wait for the bar to close to be sure. This area is important to watch for as it has hit the oversold areas for the BB Fibonacci band as well.
Now this can turn into a double top if this area doesn't hold so you should exercise caution. The spectral range indicates that a possible local low has been set since it dipped into the oversold areas, but since the bar did not turn green or give alerts yet then the signal is not as strong. On the 1 hour chart, there is a divergence indicating a change of direction towards the upside.
--faulkin
Volume has increased heavily, but will support be held around 31 USDT? 31 USDT is the 200 4-HR period EMA so this will be an interesting area to watch. An inverted hammer is currently forming, but will have to wait for the bar to close to be sure. This area is important to watch for as it has hit the oversold areas for the BB Fibonacci band as well.
Now this can turn into a double top if this area doesn't hold so you should exercise caution. The spectral range indicates that a possible local low has been set since it dipped into the oversold areas, but since the bar did not turn green or give alerts yet then the signal is not as strong. On the 1 hour chart, there is a divergence indicating a change of direction towards the upside.
--faulkin