Hello everyone, let's take a look at the BNB to USDT chart on a one hour time frame. As you can see, the price dynamically moved lower from the local upward trend line.
When we unfold the trend based fib extension grid, we see that the price remains at the upper limit of the support zone from $214.7 to $213.6, but we can see a decline towards the support level at $210.4.
Looking the other way, we have the first resistance zone from $215.4 to $216, then the second zone from $216.7 to $217.5, and then strong resistance at $218.7.
Looking at the CHOP indicator, we see that most of the energy has been used, the RSI shows a strong recovery with room for further decline, but the STOCH indicator has exhausted the energy, which may indicate a moment of recovery.
When we unfold the trend based fib extension grid, we see that the price remains at the upper limit of the support zone from $214.7 to $213.6, but we can see a decline towards the support level at $210.4.
Looking the other way, we have the first resistance zone from $215.4 to $216, then the second zone from $216.7 to $217.5, and then strong resistance at $218.7.
Looking at the CHOP indicator, we see that most of the energy has been used, the RSI shows a strong recovery with room for further decline, but the STOCH indicator has exhausted the energy, which may indicate a moment of recovery.