BNB formed a nice a rising triangle that broke out then failed. It was an unfortunate bull trap. This bull trap has formed an order block of trapped longers which increases resistance. A retest of the order block will be met with trapped longers wanting to unload breakeven. The failure of the rising triangle is bearish and 255 and 225 are targets.
On the higher time frames BNB is in a descending channel and was rejected by resistance.
On the higher time frames BNB is in a descending channel and was rejected by resistance.
Comment:
SZ's $BNB burn didn't help the price action, there was a greater number of BNBs unlocked at the same time. This example shows that TA trumps fundamentals. PA is following the descending channel regardless in the coins' change of tokenmetrics. BNB's burn will show up in the future PA as an amplification of a bullish structure or was priced in.
