CAN BNB HOLD THIS LEVEL?
Hello folks,
Welcome to this fresh update on BNB/USD in 4 hours timeframe. What you see in this chart is pretty clear and simple.
Let us observe both bullish and bearish scenarios for BNB.
Bearish Scenario: BNB is at the edge right now. The $390 price level is a very important support for BNB and if it breaks below this level then we can expect the price to fall further. The fall will bring the price back to $357 where will have good support and if it continues to drop then $335 would be the 2nd support.
Bullish Scenario: BNB is currently forming a bullish divergence (look at the RSI and the actual chart). I expect BNB to rally towards the upward direction breaking the 21 MA and the resistance which is at $413 and then a little retest to confirm a higher rally.
These two scenarios completely depend on BTC and its dominance. If you compare both BTC and BNB charts side-by-side, you'll notice some similarities in the channel formation.
I am biased towards the bullish scenario but I am also considering the support level at $390. If BNB falls and closes below the $390 level then I'll exit my BNB holdings and will wait for the right entry.
Note: I am not confirming anything on this chart nor I am forcing you to take any trade. This is just a probability show through T.A. This isn't financial advice so please do your own research before investing.
If you find this information useful then hit the like button, and share it among your known people.
What's your idea on BNB? Do you think BNB is bearish or bullish? What will be the next price move for BNB?
Welcome to this fresh update on BNB/USD in 4 hours timeframe. What you see in this chart is pretty clear and simple.
Let us observe both bullish and bearish scenarios for BNB.
Bearish Scenario: BNB is at the edge right now. The $390 price level is a very important support for BNB and if it breaks below this level then we can expect the price to fall further. The fall will bring the price back to $357 where will have good support and if it continues to drop then $335 would be the 2nd support.
Bullish Scenario: BNB is currently forming a bullish divergence (look at the RSI and the actual chart). I expect BNB to rally towards the upward direction breaking the 21 MA and the resistance which is at $413 and then a little retest to confirm a higher rally.
These two scenarios completely depend on BTC and its dominance. If you compare both BTC and BNB charts side-by-side, you'll notice some similarities in the channel formation.
I am biased towards the bullish scenario but I am also considering the support level at $390. If BNB falls and closes below the $390 level then I'll exit my BNB holdings and will wait for the right entry.
Note: I am not confirming anything on this chart nor I am forcing you to take any trade. This is just a probability show through T.A. This isn't financial advice so please do your own research before investing.
If you find this information useful then hit the like button, and share it among your known people.
What's your idea on BNB? Do you think BNB is bearish or bullish? What will be the next price move for BNB?
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