BNB at critical juncture

9 בדצמ׳ 2023

BNB is coming to a close on this descending triangle which is typically seen as a bearish structure. Depending on the price action we see, whether the descending line is broken to the upside for a bullish trade or the horizontal line breaks for a bearish trade, it could signal where the overall market could be heading over the next 12 months given the positive correlation across crypto.

Considering the recent price action and weakness in BNB relative to Bitcoin along with the CZ fiasco the probability of a downside break seems likelier. Watching closely to see how price action unfolds.