Brief Technical Analysis of Binance Coin (BNB)
The Back Ground and Psychological Level of 500
BNB slips from its psychological level of 500 on 5th Jan 2021, and from that time until now, it has been under pressure. Previously we saw it revert back when it retraces the price to a 78.6% level, and currently, the scenario is the same.
Point:
RSI is below 30, price already retrace to the 78.6% level, and rejection appears on the smaller time frame; we need a rejection on the daily time frame that we will get if the price is close to 530 or above a confirmation on the next day.
Pay Attention to Today Close and Rejection Confirmation
It is better to plan your trade above test confirmation candle and ride that trade till ATH, and you may enjoy TP1 at 495.
It is not financial advice; always do your research.
Please, feel free to ask your question; write it in the comments below, and I will answer.
BNB slips from its psychological level of 500 on 5th Jan 2021, and from that time until now, it has been under pressure. Previously we saw it revert back when it retraces the price to a 78.6% level, and currently, the scenario is the same.
Point:
RSI is below 30, price already retrace to the 78.6% level, and rejection appears on the smaller time frame; we need a rejection on the daily time frame that we will get if the price is close to 530 or above a confirmation on the next day.
Pay Attention to Today Close and Rejection Confirmation
It is better to plan your trade above test confirmation candle and ride that trade till ATH, and you may enjoy TP1 at 495.
It is not financial advice; always do your research.
Please, feel free to ask your question; write it in the comments below, and I will answer.