BNB / USDT 4H INTERVAL, Support and Resistance
Hello everyone, welcome to a review of the BNB chart on a four-hour time frame. As we can see, the price has broken the downtrend lines, while currently we will use the blue lines to mark the uptrend channel in which the price is moving.
Let's start by marking the support spots for the price and we see that we first have a support zone from $308 to $292, but if the price goes lower, we have another support at $278, then at $264 and another support at $245 .
Looking the other way, we can similarly determine the places of resistance that the price has to face. And here we see that the price is currently fighting a strong resistance at $330 equal to 0.618 Fib. We continue to have strong resistance at $360, once the price breaks it it will move towards resistance at $398.
The CHOP index indicates that the energy has been consumed and is slowly rising, the MACD indicates an uptrend is maintained, while the RSI is moving in the upper part of the range on the edge of the downtrend line, which may indicate a temporary correction.
Let's start by marking the support spots for the price and we see that we first have a support zone from $308 to $292, but if the price goes lower, we have another support at $278, then at $264 and another support at $245 .
Looking the other way, we can similarly determine the places of resistance that the price has to face. And here we see that the price is currently fighting a strong resistance at $330 equal to 0.618 Fib. We continue to have strong resistance at $360, once the price breaks it it will move towards resistance at $398.
The CHOP index indicates that the energy has been consumed and is slowly rising, the MACD indicates an uptrend is maintained, while the RSI is moving in the upper part of the range on the edge of the downtrend line, which may indicate a temporary correction.