BNBBTC Long Term Trend Line| Key Support

24 dic 2019

Hello Traders!

Today’s chart update will be on BNBBTC, testing a strong structural support which is in confluence with its long term trend line.

Will BNBBTC respect this technical level?

Points to consider,
- Trend Bearish
- Structural support being tested
- Structural resistance needs to break
- Stochastics in lower regions
- RSI oversold
- EMA’s giving price resistance
- Volume declining

BNB’s trend is currently controlled by the bears, putting in consecutive lower highs as it comes close to very key levels.

Structural support is being tested, which is in confluence with the longer term trend line that must hold for a bullish bias. Resistance is yet to break; bulls have a lot of work to do to reach it. A break of resistance will put in a new higher high in the trend, changing the overall structure.

Stochastics is currently in the lower regions, can stay here for an extended period of time, however lots of stored momentum to the upside. RSI is oversold; a bounce back to neutral territory is highly probable.

EMA’s are currently giving price resistance, will continue to push BNBBTC down until a bounce in price comes true from support levels. Volume is declining, indicating an influx of volume is due in either direction.

Overall, in my opinion, BNBBTC is probable to bounce from current levels due to confluences from technical indicators. An influx of bull volume is required to push BNB further up from these levels.

What are your thoughts?

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And remember

In trading, everything works sometimes and nothing works always.”