The long wick on today’s candlestick suggests traders are booking profits after the recent up-move. The first support on the downside is 38.2% Fibonacci retracement level at $105.7886 and then the 50% retracement at $92.6259.
If the price rebounds off either support, it will suggest that traders continue to buy on dips. The buyers will then try to resume the uptrend. On the other hand, if the price breaks below $92.6259, the BNB/USD pair could drop to the 61.8% retracement level at $79.4632.
If the price rebounds off either support, it will suggest that traders continue to buy on dips. The buyers will then try to resume the uptrend. On the other hand, if the price breaks below $92.6259, the BNB/USD pair could drop to the 61.8% retracement level at $79.4632.