alanmasters

Binance Coin (BNB) Going Down (Next Support)

BINANCE:BNBUSDT   Binance Coin / TetherUS
Binance Coin (BNB) is going down, as can be seem from the chart above.

If the daily candle closes below $13.5, you can expect additional downward action.

If that is the case, below you can find the next support (levels where the price might bounce):

(0) $12.70
(1) $12.40

This is our first support, if this level doesn't hold, look for the next support...

(2) $12.00
(3) $11.50

Note: This is no trade advice. I did this analysis as a favor to one of our great readers.

I appreciate your support.

Make sure to like, share, comment and follow to receive more of these great analysis.

I love you!

Namaste.



Comment: Please read the following post about Binance Coin (BNB) and Bitcoin (BTC):
Comment: Here is the weekly chart for BNBBTC, this is mega bearish:


Here is the daily for BNBUSDT, looks better but bearish nonetheless:

Comment: BNB is back above trendline on the daily time frame.

This can negate completely the above point of view:
Comment: So far the lowest point we reached was $11.6, which is my last support.

It continues bearish plus sideways, but deep on oversold.

Doesn't look good for now.

We maintain our bearish bias.

Namaste.
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Comments

I see this ascending triangle:
Reply
@alanmasters i coincidentally found out that the correlation is so strong, that BTC even uses BNB's EMAs. Even when you zoom in/out you find matching scenarios.



now i zoom in.



This might be normal but actually seeing it is kinda weird.

Sincerely
Reply
great calls! your BNBUSD support levels look spot on and couldnt agree more. in this game, it's about taking the risk and it's a great risk to reward set up for longs.

I do have a question on the BNBBTC weekly chart that shows being bearish. What EMA is that blue line? hoping that will hold...
Reply
@artthurrr, Thanks.

That's EMA10.
Reply
Hi there,

i wouldn't overemphasize the correlation between BNB and BTC, especially in terms of BNB telling which direction BTC will go. BTC never reacted but acted. When i look at the chart of BNB I see a retrace which might have been finished. Until March DGD was the store of value when BTC tanked. Maybe (or probably) BNB inherited that function. Nevertheless @OxHip did a good observation. BNB's fuel are fundamental news.



Just my two satoshis.

Sincerely
+1 Reply
alanmasters EduardZimmermann
@EduardZimmermann, Thanks. This is just an observation.
Reply


Don’t know how did you make your chart. But your the master
Reply
@kuw13, We have a broken trend line and trading below EMA10. That's bearish.
Reply
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