Binance Coin 4 Months Long Lower High Confirmed
We looked at Binance Coin (BNBUSDT) many times, recently, and the chart continues to point toward lower prices. A new bearish development just came in with the previous weekly close.
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Binance Coin produced a total of three green weeks with last week close, the first time since May/June. The last time this happened, what followed was a major crash. Closing three weeks green of course is bullish, if we were looking at a support level or a rising trend; but, when the action is already negative, we see prices moving lower, a three weeks long price-bounce is bad news because it means that there is no more up.
Notice how in early 2024 three weeks green would produce a bull-run. Now, in late 2024, three green weeks is nothing more than sideways and a lower high. This means that there is no bullish momentum and the trading volume decreasing since March is the proof that the market is going down not up.
The $300 to $333 price range is the same level at which BNB traded back in January 2024 and December 2023. This is the main support for the next drop. Please keep in mind that this is a weak support. It can definitely hold the price for a while but we don't know if it will hold for long.
A reversal will happen after this correction is over.
After the correction is over, we will see long-term growth.
New All-Time Highs in 2025. One last major drop in 2024.
Namaste.
How are you feeling today?
I hope you are having a wonderful Monday.
Binance Coin produced a total of three green weeks with last week close, the first time since May/June. The last time this happened, what followed was a major crash. Closing three weeks green of course is bullish, if we were looking at a support level or a rising trend; but, when the action is already negative, we see prices moving lower, a three weeks long price-bounce is bad news because it means that there is no more up.
Notice how in early 2024 three weeks green would produce a bull-run. Now, in late 2024, three green weeks is nothing more than sideways and a lower high. This means that there is no bullish momentum and the trading volume decreasing since March is the proof that the market is going down not up.
The $300 to $333 price range is the same level at which BNB traded back in January 2024 and December 2023. This is the main support for the next drop. Please keep in mind that this is a weak support. It can definitely hold the price for a while but we don't know if it will hold for long.
A reversal will happen after this correction is over.
After the correction is over, we will see long-term growth.
New All-Time Highs in 2025. One last major drop in 2024.
Namaste.
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