$BNB with increased volume and a pullback from the sideways range above the upper boundary—there is now some basis for the short-term repair to begin. I’m more focused on whether 769.01 can turn into support and consolidation, rather than chasing the first bullish candle.
On Binance spot, the 10:00 hourly candle first tests 763.46, then closes at 772.54; the trading volume is 3.47 times that of the previous hour. It closed above the highest price of the 5:00 to 9:00 horizontal range at 769.01, ending the condition of these past few hours where the close had never managed to break above the upper boundary.
Within the same hour, although Bitcoin and Ethereum both saw a rebound, their closes still failed to break above their respective 9:00 highs. This BNB correction is more proactive, but the pressure left behind by the sharp selloff last night is still there. A single high-volume bullish candle isn’t enough to declare a trend reversal.
Next, open the 1-hour chart to look for the pullback: if the hourly close holds above 769.01, the continuation of the repair has justification; if it closes back below that level again, then cancel the observation that the upper boundary has turned from resistance to support, and don’t treat the rebound as having truly held.
Source: Binance BNB/USDT spot and publicly available hourly K-line; collected at 11:03 on Sep 24 (UTC+8); the last candle was not closed.
https://www.binance.com/en/trade/BNB_USDT?type=spot
On Binance spot, the 10:00 hourly candle first tests 763.46, then closes at 772.54; the trading volume is 3.47 times that of the previous hour. It closed above the highest price of the 5:00 to 9:00 horizontal range at 769.01, ending the condition of these past few hours where the close had never managed to break above the upper boundary.
Within the same hour, although Bitcoin and Ethereum both saw a rebound, their closes still failed to break above their respective 9:00 highs. This BNB correction is more proactive, but the pressure left behind by the sharp selloff last night is still there. A single high-volume bullish candle isn’t enough to declare a trend reversal.
Next, open the 1-hour chart to look for the pullback: if the hourly close holds above 769.01, the continuation of the repair has justification; if it closes back below that level again, then cancel the observation that the upper boundary has turned from resistance to support, and don’t treat the rebound as having truly held.
Source: Binance BNB/USDT spot and publicly available hourly K-line; collected at 11:03 on Sep 24 (UTC+8); the last candle was not closed.
https://www.binance.com/en/trade/BNB_USDT?type=spot
