Binance (BNB) technical analysis:
Trade setup: Bearish breakout from Rising Wedge pattern and below 200-day moving average (~$300) could signal bearish trend reversal to downtrend. It is however quickly approaching $220 support area and is very oversold (RSI ~ 30), thus price could bounce up near-term. It’s a higher risk swing trade setup since overall trend is down.
Patterns: Rising Wedge It usually forms after an uptrend and suggests a potential bearish reversal in the original uptrend. When price breaks the lower trend line the price is expected to trend lower. Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout.
Trend: Downtrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bearish but extremely oversold. (MACD Line below MACD Signal Line). RSI is Bearish (< 45) but extremely oversold (< 20), which could imply that price could briefly stabilize or bounce if it reaches Support.
Support and Resistance: Nearest Support Zone is $260, which it broke, then $220. The nearest Resistance Zone is $300 (previous support), then $340.
Trade setup: Bearish breakout from Rising Wedge pattern and below 200-day moving average (~$300) could signal bearish trend reversal to downtrend. It is however quickly approaching $220 support area and is very oversold (RSI ~ 30), thus price could bounce up near-term. It’s a higher risk swing trade setup since overall trend is down.
Patterns: Rising Wedge It usually forms after an uptrend and suggests a potential bearish reversal in the original uptrend. When price breaks the lower trend line the price is expected to trend lower. Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout.
Trend: Downtrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bearish but extremely oversold. (MACD Line below MACD Signal Line). RSI is Bearish (< 45) but extremely oversold (< 20), which could imply that price could briefly stabilize or bounce if it reaches Support.
Support and Resistance: Nearest Support Zone is $260, which it broke, then $220. The nearest Resistance Zone is $300 (previous support), then $340.