BNB RETESTS THE 680 LOW, TRADING VOLUME ABOUT 14% OF THE PREVIOUS TEST
On the morning of Oct. 30, the 4H candle swept down to 680.00 and then closed at 698.46, with a 9.6% range and 202.2 million USDT traded—19.4 times the median for the same time slot on the previous eight Fridays.
This morning, the 07:00 4H candle dipped to 680.74 and then closed at 686.16, with a 2.7% range and 28.1 million USDT traded—2.38 times the median for the same time slot on the previous eight Wednesdays. Both candles closed around 28–29% of the way up their ranges.
At the same 680 level, trading volume on the second test was only about 14% of the first. I’m leaning toward 680 being tested as support, but it’s not confirmed yet, since volume doesn’t show who’s buying and who’s selling.
On the other hand, price is still below the EMAs, and the 4H 50, 100, and 200 EMAs are all sloping down. The highs have been stepping lower, from 722.08 to 717.75 to 703.3. A 4H close above 703.3 would break that sequence; the trendline connecting the first two highs also passes around 713, in line with the 50 EMA. The invalidation level is a 4H candle close below 680.00.
If you think this is worth following, drop me a heart.
#BNB $BNB
On the morning of Oct. 30, the 4H candle swept down to 680.00 and then closed at 698.46, with a 9.6% range and 202.2 million USDT traded—19.4 times the median for the same time slot on the previous eight Fridays.
This morning, the 07:00 4H candle dipped to 680.74 and then closed at 686.16, with a 2.7% range and 28.1 million USDT traded—2.38 times the median for the same time slot on the previous eight Wednesdays. Both candles closed around 28–29% of the way up their ranges.
At the same 680 level, trading volume on the second test was only about 14% of the first. I’m leaning toward 680 being tested as support, but it’s not confirmed yet, since volume doesn’t show who’s buying and who’s selling.
On the other hand, price is still below the EMAs, and the 4H 50, 100, and 200 EMAs are all sloping down. The highs have been stepping lower, from 722.08 to 717.75 to 703.3. A 4H close above 703.3 would break that sequence; the trendline connecting the first two highs also passes around 713, in line with the 50 EMA. The invalidation level is a 4H candle close below 680.00.
If you think this is worth following, drop me a heart.
#BNB $BNB
