BNB Price Signals Bullish Exhaustion, Are Dips Attractive In Short-term?
17 Enero 2024 - 11:58PM
NEWSBTC
BNB price is struggling to clear the $320 resistance zone. It might
decline toward the $288 support zone before the bulls aim for
another increase. BNB price is struggling to gain traction above
the $320 resistance. The price is now trading near $310 and the 100
simple moving average (4 hours). There is a major declining channel
or a bullish flag pattern forming with resistance near $316 on the
4-hour chart of the BNB/USD pair (data source from Binance). The
pair might continue to move up if it stays above the $288 and $282
support levels. BNB Price Holds Support After forming a base above
the $280 level, BNB price started a decent increase. There was a
move above the $305 and $315 resistance levels. However, the bears
seem to be active near the $320 zone. A high was formed near $320
and the price is now correcting gains. However, the downsides are
limited compared to Bitcoin and Ethereum. There was a move below
the $312 level. The price is now approaching the 50% Fib
retracement level of the upward move from the $289.4 swing low to
the $320.1 high. BNB price is now trading near $310 and the 100
simple moving average (4 hours). There is also a major declining
channel or a bullish flag pattern forming with resistance near $316
on the 4-hour chart of the BNB/USD pair. Source: BNBUSD on
TradingView.com Immediate resistance is near the $315 level or the
channel region. The next resistance sits near the $320 level. A
clear move above the $320 zone could send the price further higher.
In the stated case, BNB price could test $340. A close above the
$340 resistance might set the pace for a larger increase toward the
$350 resistance. Any more gains might call for a test of the $375
level. More Downsides? If BNB fails to clear the $315 resistance,
it could continue to move down. Initial support on the downside is
near the $300 level or the 61.8% Fib retracement level of the
upward move from the $289.4 swing low to the $320.1 high. The next
major support is near the $292 level. The main support sits at
$288. If there is a downside break below the $288 support, the
price could drop toward the $282 support. Any more losses could
initiate a larger decline toward the $262 level. Technical
Indicators 4-Hours MACD – The MACD for BNB/USD is losing pace in
the bullish zone. 4-Hours RSI (Relative Strength Index) – The RSI
for BNB/USD is currently below the 50 level. Major Support Levels –
$300, $292, and $288. Major Resistance Levels – $315, $320, and
$325.
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