✴️ Binance Coin Looking Bearish

Daily trading volume is really high and green but to me Binance Coin is still bearish... Let's look at the reason why!

➖ The RSI peaked 6-Nov.
➖ Yesterday's candle has a long upper wick.
➖ Today's candle also has a long upper wick with a lower high compared to yesterday. This one can turn into a worrisome signal.

✔️ If the day closes low or red, it can indicate Binance Coin (BNBUSDT) is ready to crash big time.

✔️ If BNB closes above 258, we can consider this analysis invalid but bearish potential will remain in place as long as the 268.4 high holds as resistance. Only above this level can this pair be considered bullish again for varied reasons.

Generally speaking, all the technicals are bullish... But we have to read between the lines to able to spot when change is about to take place.

This is just a potential scenario and needs confirmation.
Binance Coin is set to crash!

Thank you for reading.

Namaste.

Comment:

Bearish bias confirmed!

Binance CEO pleaded guilty to money laundering, his company is being fined 4B.

Comment:

Yesterday Binance Coin broke below EMA10, EMA21 and EMA50 in a single candle. It produced the highest daily sell volume since May 2022.

This type of action is normally seen as the start of a strong move.
Just as we saw huge green candles with the highest volume in months or years at low prices before the bullish wave began for certain pairs, it also works the other way around.

The incredibly high volume signals that this is only the beginning.
Since this is a bearish move, it is only the beginning of that bearish move.
The fact that it broke multiple support levels in one session is also indicative of what's to come.

Looking closer, 1h timeframe, we can see that the bounce so far is weak.

It remains below the trendline as well as no green volume.
It needs time to develop of course, but the bias is bearish unless we see a massive growth.

This pair continues looking bearish (drop/down/red).

If the chart changes, we will share and update and let you know.

Namaste.

Comment:

No bounce so far and the RSI moved below 50 (bearish, current reading low 44).

The aftermath or results of the recent event is not yet priced in.
We are likely to witness a massive crash, much stronger than anything we can predict.

➖ BNB and Binance will never be the same.
➖ This can be good or bad, most likely good!
➖ The market continues to evolve...
➖ Everything continues to change.

Monday or Tuesday but can take longer.
This is the catalyst.

Namaste.

Comment:

I think Binance Coin can easily hit $2 or $3... We have to wait and see though.
This one, it will be a huge surprise.