30.9.2020 - Binance Coin (BNB / USD)
Hi Traders!
Today, we look at a specific trade we found on the BNB / USD pair. This trade is on a 4-hour chart and is short. What does it mean? This means, that we will speculate on a decline in the price of BNB coin. Why?
1. BNB is at a strong resistance of USD 28 - 29. This area is very strong resistance on our chart.
2. We also see the first rejection and the first red candles on this resistance.
3. RSI divergence - if we look at RSI, we see that the chart is falling while the price has reached a new maximum. This happens quite often in cryptocurrencies.
4. Trendline - we have not yet broken this, but we assume that we will see it in the coming hours.
We mentioned 4 points above why the BNB price could fall. However, technical analysis is, of course, a game of statistics and probability. Thus, the BNB has a high probability of a decline, which, however, does not provide any guarantee that this will be the case. As for the zone where the price could reach in the event of a decline, we see the values of USD 24 - 25 as the first stop.
May the crypto be with you!
Today, we look at a specific trade we found on the BNB / USD pair. This trade is on a 4-hour chart and is short. What does it mean? This means, that we will speculate on a decline in the price of BNB coin. Why?
1. BNB is at a strong resistance of USD 28 - 29. This area is very strong resistance on our chart.
2. We also see the first rejection and the first red candles on this resistance.
3. RSI divergence - if we look at RSI, we see that the chart is falling while the price has reached a new maximum. This happens quite often in cryptocurrencies.
4. Trendline - we have not yet broken this, but we assume that we will see it in the coming hours.
We mentioned 4 points above why the BNB price could fall. However, technical analysis is, of course, a game of statistics and probability. Thus, the BNB has a high probability of a decline, which, however, does not provide any guarantee that this will be the case. As for the zone where the price could reach in the event of a decline, we see the values of USD 24 - 25 as the first stop.
May the crypto be with you!
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