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Binance cryptocurrency token probably hit the ceiling

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Binance cryptocurrency token probably hit the ceiling

Binance cryptocurrency token probably hit the ceiling
CONTENT

  • BNB broke up, but then pulled back below $ 27.

  • Price likely has made a bullish breakout of the falling wedge.

  • BNB price may have triggered a bearish trend.

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Binance Coin (BNB) has been declining since reaching a high on August 14. The break of the upward support line will confirm the beginning of the downtrend.

Bullish Breakout Failed

Binance cryptocurrency token probably hit the ceiling

BNB, the Binance cryptocurrency exchange, hit a low of $ 18.01 on September 5, and then peered below the upward support line that has been on the chart since March 13. After that, the price immediately bounced above the support line and began to strengthen.

The key resistance area is located at $ 27, and on September 12, Binance Coin price pierced it, marking a high of $ 33.35 two days later..

However, the bulls failed to gain a foothold at this height, and the BNB began to roll back to the south..

Technical indicators are giving bearish signals. The RSI fell below 50, and the Stochastic Oscillator failed to form a bullish crossover and began to decline.

A bearish break of the upward support line will confirm the start of a downtrend.

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BNB chart. Source: TradingView

Probable rally

The shorter-term 6-hour chart suggests a likely rally in relief. The price is in the process of a bullish breakout of the Falling Wedge pattern, which is traditionally considered a bullish reversal pattern.

Binance cryptocurrency token probably hit the ceiling

In addition, the RSI and MACD indicators give bullish divergence signals. In the event of a bullish breakout, the $ 27 area can again play the role of resistance, since the 0.382 Fib level also passes here, the correction of the entire bearish move.

BNB chart. Source: TradingView

Wave analysis

Cryptocurrency trader @ Anbessa100 shared a BNB chart with her readers. On it you can see that the price is now based on the upward support line, and also retests the downward resistance line, which it had previously broken from the bottom up..

Source: Twitter

The price does trade in the area of ​​this support area, however the wave analysis gives us reason to expect a bearish breakout. Starting on March 13, the BNB rate may have completed the A-B-C retracement (white in the chart below). The A: C wave ratio is 1: 1.61. This suggests that the high of September 14 marked the top of this move..

In addition, five sub-waves can be distinguished inside wave C (red).

BNB chart. Source: TradingView

The decline from the highs looks more impulsive than corrective. In this regard, it is quite possible to assume that the price began to decline and will fall in the direction of $ 18 and below.

Binance cryptocurrency token probably hit the ceiling

A bearish breakout of the aforementioned upward support line will confirm this scenario.

BNB chart. Source: TradingView

Thus, the BNB rate is likely to have reached a local maximum and will continue to decline. A breakdown of the upward support line will signal the beginning of a downtrend.

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