BNB seems to be recovering from the previous devastating drop caused by the Omicron Covid fear. It's been 4 candles of 4h, total of 16 hours, above the weighted Bollinger Bands and above the $604 S/R. Also, it's almost the end of November. Everybody seems to be hoping that December will be the time the overall crypto market mooning. As a major crypto, I expect BNB...
What a disastrous day. I believe the institutions / hedge funds are the ones behind the selling pressure of the overall crypto market. I believe that we, the (self-proclaimed) geeks / nerds, are hodl-ing strong. As we need the gigantic institution to stabilize crypto position in the public, it has become a double edge sword of "price manipulation" such as this....
ETH is retesting the resistance that I've mentioned on the Nov 22nd idea. Let's see if this breaks, or false break. BNB has broken it's resistance, I expect ETH could also break this resistance.
As mentioned yesterday, BNB has broken the $604 S/R on 4h chart. It's been 3 candles, so it might be safe to assume that it's not a false breakout. BNB seems like to be heading to the bullish zone. Will this move marks a reversal for the crypto market in general to the bullish trend?
ETH is moving below the weighted Bollinger Bands again, erasing the small bullish movement yesterday. Yesterday could be considered as a retracement for short sellers. However, as long as ETH is above the 40k price, the general sentiment is quite bullish. Breaking below the the 40k will confirm the bearish wave of the bands.
On the 4-hour chart, we can see that ETH has successfully broken above the weighted Bollinger bands, marking the start of a bullish trend. If the price can break above the resistance line, we will then have a confirmation of a full bullish trend.
From the daily chart, Bitcoin is not bullish yet. The upward movement has not broken through the upper bands of the weighted Bollinger Bands. Short term movement will indicated bearish trend. We can expect bullish trend when the price breaks above 63,130-ish.
