Hello everyone, I invite you to review the BNB chart in pair with USDT, also on a one-day time frame. First of all, we can use the yellow line to mark the downward trend line from which the price went up.
Now let's move on to marking the support places. We will use the Fib Retracement tool to mark supports, and as you can see, first there is a support zone from $224 to $220, but then we can see a decline to the very strong zone from $209 to $202.
Looking the other way, we can similarly mark places where the price should encounter resistance on the way up. And here you can see that the price has been rejected by the resistance zone from $231 to $238, only when we break above it will we move towards the resistance at $248.
When we turn on EMA Cross 50 and 200, we can see that we are still in a strong downtrend, staying below the blue line of EMA Cross 200. The CHOP Index indicates that there is still energy left for a move. On the RSI, we are moving in the upper part of the range, but when we look at the STOCH indicator, the visible rebound creates room for a potential further price increase.
Now let's move on to marking the support places. We will use the Fib Retracement tool to mark supports, and as you can see, first there is a support zone from $224 to $220, but then we can see a decline to the very strong zone from $209 to $202.
Looking the other way, we can similarly mark places where the price should encounter resistance on the way up. And here you can see that the price has been rejected by the resistance zone from $231 to $238, only when we break above it will we move towards the resistance at $248.
When we turn on EMA Cross 50 and 200, we can see that we are still in a strong downtrend, staying below the blue line of EMA Cross 200. The CHOP Index indicates that there is still energy left for a move. On the RSI, we are moving in the upper part of the range, but when we look at the STOCH indicator, the visible rebound creates room for a potential further price increase.