$BNB: The weakness hasn’t turned around—don’t rush to call a bottom
The outlook is bearish over the next few weeks, so take your time before entering. The daily candle that just closed barely held above the medium-term moving average, but the current price has slipped back below it. That gap is more worth thinking about than the size of the drop: the close held, but price couldn’t hold there intraday.
An intraday dip below the line doesn’t yet mean the daily chart has broken down. Shorting now could leave you thrown off by a rebound, so watch whether price can reclaim the line. If it bounces to the line and then retreats, that would provide a basis for a bearish entry.
Keep one level in mind: 708. If it holds, the next target is 639.381; if it fails, place a stop-loss near 742.309.
#MarketAnalysis
The outlook is bearish over the next few weeks, so take your time before entering. The daily candle that just closed barely held above the medium-term moving average, but the current price has slipped back below it. That gap is more worth thinking about than the size of the drop: the close held, but price couldn’t hold there intraday.
An intraday dip below the line doesn’t yet mean the daily chart has broken down. Shorting now could leave you thrown off by a rebound, so watch whether price can reclaim the line. If it bounces to the line and then retreats, that would provide a basis for a bearish entry.
Keep one level in mind: 708. If it holds, the next target is 639.381; if it fails, place a stop-loss near 742.309.
#MarketAnalysis