Top: Longer time frame showing that BNB has a lot of support at this level. The high amounts of volume transacted at the current price level is a sign there is strong support. It also is a historical support that coincides with the 0.382 (continuation fib) which will give a nice bounce upward if the support does indeed hold.
Bottom: Zoomed in on 1hr time frame to show current price action. Today there was a bit of a selloff on BNB due to some negative news (US regulatory stuff with no actual regulatory decisions made). It has tested the low 3 times, and does not look like it wants to dump any further.
The selloff mainly occurred on 1 candle only. After that candle, there have been rounded bottoms testing to find the bottom. No further dumping has happened, so I believe the overall market sentiment is bullish despite the news.
Going into the weekend, if the price breaks up from the triangle, it will probably give some nice profits. In my opinion this trade has limited downside due to strong support below and a good amount of upside. If it ends up breaking down it will at least bounce back up near the entry point for a minimal loss.
Bottom: Zoomed in on 1hr time frame to show current price action. Today there was a bit of a selloff on BNB due to some negative news (US regulatory stuff with no actual regulatory decisions made). It has tested the low 3 times, and does not look like it wants to dump any further.
The selloff mainly occurred on 1 candle only. After that candle, there have been rounded bottoms testing to find the bottom. No further dumping has happened, so I believe the overall market sentiment is bullish despite the news.
Going into the weekend, if the price breaks up from the triangle, it will probably give some nice profits. In my opinion this trade has limited downside due to strong support below and a good amount of upside. If it ends up breaking down it will at least bounce back up near the entry point for a minimal loss.