BNB support and consolidation
Price seems to be stabilizing around the 600 level. Which seems to be the newest support to be tested.
Initially, we saw a strong upward trend, with higher highs and higher lows. This uptrend was followed by a period of consolidation, where the price moved sideways. Recently, the chart shows a sharp correction from the recent high, breaking down past support levels. The current market sentiment shows bearish pressure in the short term initiated with the formation of strong bearish candlesticks at the recent high. The current price action lead there is a potential support forming here, with the next support levels located at 580 and 550 for accumulation purposes. The new distribution range should be placed above 700. The range plotted here would help us to keep a close eye to the action, and also manage risk efectively
Initially, we saw a strong upward trend, with higher highs and higher lows. This uptrend was followed by a period of consolidation, where the price moved sideways. Recently, the chart shows a sharp correction from the recent high, breaking down past support levels. The current market sentiment shows bearish pressure in the short term initiated with the formation of strong bearish candlesticks at the recent high. The current price action lead there is a potential support forming here, with the next support levels located at 580 and 550 for accumulation purposes. The new distribution range should be placed above 700. The range plotted here would help us to keep a close eye to the action, and also manage risk efectively
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