BNBUSD Capitulation Sell Off to $300 to Newer Highs
Updated
Looking at Binance Coin on the Daily time frame we can see a Feb 2021 Swing High level marked out at $333, which is currently acting as a resistance that was a former support.
At the moment, BNB is bottomed out along the $258 level without a candle close underneath that level, signaling very bullish momentum and that the bears don't have enough steam to send BNB to the start of the uptrend of $130.
In a bull market, not all start of the uptrends have to hit / retest but it is still possible and not out of the question.
Let’s say we see a candle close on the daily underneath $258, the price of BNB is going to $130.
However, I believe that BNB has bottomed out along $258 and is headed towards regaining the Feb 2021 Swing high at the $333 - $348 level, regain this uptrend, and finally wick the April 2021 Swing Low at $432.
This move won’t happen overnight as this is a daily time frame, but this is a general outlook to where I see the price of BNB headed. This is a capitulation sell off back down to $300 from $650 that is going to end up eventually hitting newer highs going into the second half of this year.
As always please do your own research, I am not a financial advisor.
At the moment, BNB is bottomed out along the $258 level without a candle close underneath that level, signaling very bullish momentum and that the bears don't have enough steam to send BNB to the start of the uptrend of $130.
In a bull market, not all start of the uptrends have to hit / retest but it is still possible and not out of the question.
Let’s say we see a candle close on the daily underneath $258, the price of BNB is going to $130.
However, I believe that BNB has bottomed out along $258 and is headed towards regaining the Feb 2021 Swing high at the $333 - $348 level, regain this uptrend, and finally wick the April 2021 Swing Low at $432.
This move won’t happen overnight as this is a daily time frame, but this is a general outlook to where I see the price of BNB headed. This is a capitulation sell off back down to $300 from $650 that is going to end up eventually hitting newer highs going into the second half of this year.
As always please do your own research, I am not a financial advisor.
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Looking at the 4-hour time frame of BNB, we are currently testing the Feb 2021 swing high levels at $333 and going to break through that to the upside. $348 next target, then $432
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