BNB's big rally coming to an end now?

Updated

It's starting to look like the short term momentum of BNB is decreasing past week. The position of the wedge is very good, but it's shape is not great, also the volume isn't great for a wedge. Problem with BNB is, you can not short it, so the BNB market is not really in balance, making it's TA sometimes different than others.

This wedge , it's support could still break and create a drop , but it could easily find support at one of those 2 green support zones, instead of dropping to it's target in the orange zone. The first green could easily break, but the second one won't be that easy i think. If break this wedge with sideways price action and keep doing it for like a day or so, than you can assume the wedge is invalid.

Previous analysis:

Note

The wedge broke, after a retest it started to drop. There has been some acceleration down as we usually see with a wedge. But the volume is not high of this drop, which is not really confirming a wedge. Because of this, the second green can still hold.

We have a small triangle now on the right, if this one breaks down and we see volume increase, then the second green might break. We can also see the channel on the daily where the price is closing in on it's support line as well.
Also, to show you why volume is important, we can see another channel that broke 2 months ago, where you can see the selling volume was very low. So instead of dropping a wedge/flag was formed and we simply moved higher again.

botje11

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