BNB: Sideways Channel
Binance (BNB) technical analysis:
Trade setup: Trading in a Sideways Channel. Price bounced off of $260 support (big volume) and broke above $300, but failed to hold. Now it’s pulled back near 200-day moving average, which could act as a support and be a good swing entry opportunity.
Pattern: Price is trading in a Sideways Channel , which is a neutral pattern (indication of market indecision). Trend Traders ought to wait for a breakout in either direction, although typically it breaks in the direction of the existing trend. Swing Traders can trade the range – Buy near Support and Sell near Resistance.
Trend: Downtrend on Short-Term basis, Neutral on Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance:Nearest Support Zone is $260, then $200. The nearest Resistance Zone is $300, then $340.
Trade setup: Trading in a Sideways Channel. Price bounced off of $260 support (big volume) and broke above $300, but failed to hold. Now it’s pulled back near 200-day moving average, which could act as a support and be a good swing entry opportunity.
Pattern: Price is trading in a Sideways Channel , which is a neutral pattern (indication of market indecision). Trend Traders ought to wait for a breakout in either direction, although typically it breaks in the direction of the existing trend. Swing Traders can trade the range – Buy near Support and Sell near Resistance.
Trend: Downtrend on Short-Term basis, Neutral on Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance:Nearest Support Zone is $260, then $200. The nearest Resistance Zone is $300, then $340.
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