BNB Reaches ATH But Prints Bearish Head & Shoulders
-BNB reaches new ATH of $680
-Price is currently being held by 50 MA
-Major resistance is $656
BNB has has a crazy bull run the last year rising nearly 4000%. Binance Coin just hit yet another ATH of $69 the last few days. Bears held resistance well as BNB is down almost 10% of its high.
BNB has been forming a wedge pattern the last month and both trend lines have been respected well. The major resistance of $656 was met with the top trend line of this pattern. This is where BNB rejected as it must hold this mark to continue higher.
The BNB price has formed a bearish Head & Shoulders the last week. If BNB breaks the black trend line (neckline) it may experience a fall to its long term trend line. The price is currently being held up by the 4HR 50 MA. If these two levels fail to hold, expect a retracement.
While looking at the RSI we can conclude it just broke the 50 level and is headed for a 2 week low. The Stochastic RSI tells a similar tale as it heads towards oversold levels. Strength must quickly turn around to save BNB from another fall.
BNB intraday levels
Spot rate: $624
Trend: Bearish
Volatility: Moderate
Support: $600
Resistance: $656
-Price is currently being held by 50 MA
-Major resistance is $656
BNB has has a crazy bull run the last year rising nearly 4000%. Binance Coin just hit yet another ATH of $69 the last few days. Bears held resistance well as BNB is down almost 10% of its high.
BNB has been forming a wedge pattern the last month and both trend lines have been respected well. The major resistance of $656 was met with the top trend line of this pattern. This is where BNB rejected as it must hold this mark to continue higher.
The BNB price has formed a bearish Head & Shoulders the last week. If BNB breaks the black trend line (neckline) it may experience a fall to its long term trend line. The price is currently being held up by the 4HR 50 MA. If these two levels fail to hold, expect a retracement.
While looking at the RSI we can conclude it just broke the 50 level and is headed for a 2 week low. The Stochastic RSI tells a similar tale as it heads towards oversold levels. Strength must quickly turn around to save BNB from another fall.
BNB intraday levels
Spot rate: $624
Trend: Bearish
Volatility: Moderate
Support: $600
Resistance: $656