Binance coin rocky road- Not a good picture for bulls
After finding solid support just above the 200 mark in August, Binance Coin began a period of consolidation. This phase was followed by a break to the upside and a rise, fueled by a renewed wave of enthusiasm within the cryptocurrency market.
But, and there is a big BUT...
Looking closely at the recent price action we see that after the break of the consolidation to the upside, the coin lacked meaningful continuation and started to consolidate again.
More, the spike from 2 days ago was met with selling power, and yesterday, again, the rise was reversed strongly, leaving an immense bearish engulfing candle on our daily chart(approx 20% the range of the candle).
All these signs are not bullish at all, in fact are hugely bearish.
In conclusion, I'm looking to sell BnbUsdt on rallies around 250 with negation above recent spikes.
A conservative target for this scenario would be the 200 zone. However, it wouldn't be surprising if we see a breakthrough beyond this level as well.
But, and there is a big BUT...
Looking closely at the recent price action we see that after the break of the consolidation to the upside, the coin lacked meaningful continuation and started to consolidate again.
More, the spike from 2 days ago was met with selling power, and yesterday, again, the rise was reversed strongly, leaving an immense bearish engulfing candle on our daily chart(approx 20% the range of the candle).
All these signs are not bullish at all, in fact are hugely bearish.
In conclusion, I'm looking to sell BnbUsdt on rallies around 250 with negation above recent spikes.
A conservative target for this scenario would be the 200 zone. However, it wouldn't be surprising if we see a breakthrough beyond this level as well.
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