$BNB $BNBUSDT Huge Range Bound
If you check price action on weekly and monthly, you will see that the price is stuck in a huge range bound starting from May 2021. First swept the low and after sweeping the old high ( $693 ) a strong bearish momentum has pushed the price tot the downside. As now we are seeing a corrective pullback to the upside, I assume the price will test $650 and above before targeting lows again.
Note
The price has reached to the supply zone as expected. It makes sense to look for sells from here but If the demand area below holds the price, which is my expectation, I expect the price to mitigate upper supply zone before facing a strong bearish pressure.
Note
We have reached to the Weekly Supply as expected. As I believe that the price still have space to go to the upwards, as we are in Weekly Supply and the price has grabbed some liquidity with taking highs, bearish momentum might kick in. If I see a strong bearish move or If price mitigates the Daily Supply Zone which marked last week, I will look for confirmation sale positions. Cheers
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