Note: In this Idea, the red squares are mainly RESISTANCE AREAS, and the green squares are mainly SUPPORT AREAS. (The red line = resistance, green line = support)
Why the Price went down
So a few days ago, BNB could not pass its previous push, which means it's a double top. This caused a huge push downwards, and a volume spike occurred. (This volume spike is probably not connected to BNB though, as the same happened with many other cryptos.) The price ended up going down to around $531, but the candle wicks reached all the way down to around $489.
Why (in my opinion) the price is going up!
After this, it got support on the small support area. (Check the S/R LEVELS for reference) and something to know is that in Nov. 18th, it hit the same area too. In that time though, it quickly pushed back to $600! Long term, to around $650. That said, I think the same will happen now, as the price is trying to push upwards right now with two support areas: the support line and the small support area. After that, it may find resistance on the Large support area, and if price does pass that area, we're hoping that can be used as support again. Look at the chart to get a better idea.
S/R LEVELS
Support:
Small Support area: 523 - 532
Large support area: 567 - 585
Support Line: 55.9
Resistance:
Small resistance area: 604 - 614
Large resistance area: 647 - 661
Resistance Line: 626.8
Note: I AM NOT A FINANCIAL ADVISOR! DO YOUR OWN RESEARCH, AND DON'T INVEST MORE THAN WHAT YOU ARE WILLING TO LOSE!
Why the Price went down
So a few days ago, BNB could not pass its previous push, which means it's a double top. This caused a huge push downwards, and a volume spike occurred. (This volume spike is probably not connected to BNB though, as the same happened with many other cryptos.) The price ended up going down to around $531, but the candle wicks reached all the way down to around $489.
Why (in my opinion) the price is going up!
After this, it got support on the small support area. (Check the S/R LEVELS for reference) and something to know is that in Nov. 18th, it hit the same area too. In that time though, it quickly pushed back to $600! Long term, to around $650. That said, I think the same will happen now, as the price is trying to push upwards right now with two support areas: the support line and the small support area. After that, it may find resistance on the Large support area, and if price does pass that area, we're hoping that can be used as support again. Look at the chart to get a better idea.
S/R LEVELS
Support:
Small Support area: 523 - 532
Large support area: 567 - 585
Support Line: 55.9
Resistance:
Small resistance area: 604 - 614
Large resistance area: 647 - 661
Resistance Line: 626.8
Note: I AM NOT A FINANCIAL ADVISOR! DO YOUR OWN RESEARCH, AND DON'T INVEST MORE THAN WHAT YOU ARE WILLING TO LOSE!
Comment:
Hello everyone, so I quickly wanted to talk about BNB. Remember, right now the "Large support area, is a resistance area. (Please look at the arrows I put on the chart and compare them with this.) So after it got support, it made a push and got resistance near the area of the arrows I drew previously. After that, it went down, but got support on the "small support area", which was still a possible area of support if it did not get it on the support line. Fortunately, price went over it's previous push, and right now we are waiting to see if BNB will get resistance and go back down. So while the analysis has been correct for now, I am still waiting to see the areas of support and resistance it will get.
