BNBUSDT Bear Flag| Low Volume| Structural Resistance
Evening Traders,
Today’s Analysis will focus on BNBUSDT, forming a bear flag under structural resistance, a confirmation will likely test structural support.
Points to consider,
- Trend Bearish
- Structural resistance being tested
- Structural support likely target
- RSI lower high projection
- Stochastics in upper regions
- Volume below average
BNB’s trend has been putting in consecutive lower highs, currently forming a bearish continuation pattern at a key trade location. Structural resistance is in confluence with the 21 EMA and the 1.414 Fibonacci Extension, BNB is likely to get rejected.
The RSI is in a lower high projection, currently trading at a neutral level. The stochastics on the other hand is in the upper regions, can stay trading here for an extended period of time, however lots of stored momentum to the downside.
Volume is declining, an impulse move is imminent at this key technical level, if bear volume arises, this will be in conjunction with the confirmation of the bear flag.
Overall, in my opinion, BNB is trading at a very key level, resistance is very strong and there is a valid bear flag. BNB has a high probability of breaking down bearish, continuing the overall bear trend.
What are your thoughts?
Please leave a like and comment,
And remember,
“In trading, everything works sometimes and nothing works always.”
Today’s Analysis will focus on BNBUSDT, forming a bear flag under structural resistance, a confirmation will likely test structural support.
Points to consider,
- Trend Bearish
- Structural resistance being tested
- Structural support likely target
- RSI lower high projection
- Stochastics in upper regions
- Volume below average
BNB’s trend has been putting in consecutive lower highs, currently forming a bearish continuation pattern at a key trade location. Structural resistance is in confluence with the 21 EMA and the 1.414 Fibonacci Extension, BNB is likely to get rejected.
The RSI is in a lower high projection, currently trading at a neutral level. The stochastics on the other hand is in the upper regions, can stay trading here for an extended period of time, however lots of stored momentum to the downside.
Volume is declining, an impulse move is imminent at this key technical level, if bear volume arises, this will be in conjunction with the confirmation of the bear flag.
Overall, in my opinion, BNB is trading at a very key level, resistance is very strong and there is a valid bear flag. BNB has a high probability of breaking down bearish, continuing the overall bear trend.
What are your thoughts?
Please leave a like and comment,
And remember,
“In trading, everything works sometimes and nothing works always.”