Binance (BNB) technical analysis:
Trade setup: Bearish breakout from Rising Wedge pattern and below 200-day moving average (~$300) signaled bearish trend reversal to downtrend. Then it got very oversold (RSI < 20) near $225 support and bounced up to $260 resistance where it got rejected so far. Now we wait for price to dip back near that $225 support for another swing trade. It’s a higher risk swing trade setup since overall trend is down.
Trend: Downtrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI < 45 (Bearish).
Support and Resistance: Nearest Support Zone is $220. The nearest Resistance Zone is $260 (previous support), then $300
Trade setup: Bearish breakout from Rising Wedge pattern and below 200-day moving average (~$300) signaled bearish trend reversal to downtrend. Then it got very oversold (RSI < 20) near $225 support and bounced up to $260 resistance where it got rejected so far. Now we wait for price to dip back near that $225 support for another swing trade. It’s a higher risk swing trade setup since overall trend is down.
Trend: Downtrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI < 45 (Bearish).
Support and Resistance: Nearest Support Zone is $220. The nearest Resistance Zone is $260 (previous support), then $300