Couple of days ago I made an analysis on BNB's W-shaped recovery.
As of yesterday, the W-shaped recovery is officially completed. After the completion of the chartpattern, a bearish move followed which sent us back to the $405 support. It appears that this area offers some sort of support, but nothing is certain. BNB will follow BTC wherever BTC goes anyhow.
Assuming we're not going down much further, I'm expecting we're going to be trading around this area for a while. In the mid-term, I'm expecting a break-out through the $435 resistance. Main support for the current move is $378.
Happy trading!
As of yesterday, the W-shaped recovery is officially completed. After the completion of the chartpattern, a bearish move followed which sent us back to the $405 support. It appears that this area offers some sort of support, but nothing is certain. BNB will follow BTC wherever BTC goes anyhow.
Assuming we're not going down much further, I'm expecting we're going to be trading around this area for a while. In the mid-term, I'm expecting a break-out through the $435 resistance. Main support for the current move is $378.
Happy trading!
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