Binance Coin (BNB) Closing: Burning Like Wet Satire?

Bull Run in early 2021 was doing very well on BNB with an increase of over 1,600% reaching ATH of $677. Then it was hit hard by the fall of May by -60% to reach the $260 area at the close. After Bitcoin recovered, it almost reached ATH again in November 2021 before settling between $350 and $435. After burning $770 million in BNB we were expecting a resurgence. But this has gone completely unnoticed in the current sideways trend. What will BNB closing tonight bring for information on this trend?

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Daily close offers National Bank of Liberia a new low

To fully understand the current trend, it is necessary to look a little back. We are currently in a sideways trend, also called elegant – tidy, since January 22, 2022. This sideways trend has been highly respected with limited limits. This remained as support and resistance until March 27th. After this date, BNB broke the upward trend.

The price of BNB against the dollar (1D)

Unfortunately, this hack turned out to be a leak, and since then BNB has chained low fences. As the theory goes, when recombining the range, there is a good chance after the recombination that the opposite station will be the next target. That’s $356 here. We also see that with yesterday’s and yesterday’s candles, the close as it is would validate a new lower high. Thus, it leads to the continuation of the short-term downtrend.

Bearish dip and double top? BNB closing looks bad

Zooming in to H4, I see many distractions regarding the near future tonight. First of all, we can see that we have been rejected since the day before yesterday at a price that gives us a perfect bearish pullback. This effectively confirms what we saw in the Journal: We are forming from a lower top.

BNB price against the dollar (H4)
BNB price against the dollar (H4)

But the most disturbing thing, which confirms my suspicion, is the current configuration of the double top. In fact, we formed two peaks in an attempt to outpace this bearish pullback. And therefore neckline formed. A breakout with confirmation will definitively indicate a continuation of bearishness on BNB. We will then look for the money pocket of the order mass located at $364 on the curve. However, you don’t have to worry at the moment as we expect to touch the lower end of the range. This is the bulkhead that should be placed on the fence to avoid stalling.

H1 Range Continuing on BNB: Decisive Breakout

Seeing on the hourly time scale shows us something interesting. In fact, the resistance serving the bearish pullback we saw earlier and the neckline of the double top is currently forming a sideways trend. This trend has been tracked for 44 hours so far. It is the breakout of this trend that will definitely give us BNB direction for the evening.

BNB price against the dollar (H1)
BNB price against the dollar (H1)

A break higher will likely lead us to a search for the latest highs at $399 and $408. But this is not the preferred scenario. Looking at the daily and H4 items, I’ve been tempted towards a crash in the evening in order to get the last pullback at $377. Moreover, if there is a rather violent drop and BNB closes below that drop, we will seek liquidity at $364. A pullback at the last low will definitively validate the decline and retest the lower limit of the range.

BNB is currently chaining lower fences and also preparing to validate the bearish pullback and double top. It is very likely that we will visit the last low recorded by the end of the evening. A BNB closing below the latter will definitely cause a visit to the above mentioned liquidity before going to retest the lower bound of the sideways trend. Despite several burns since the start of 2022 and a name change, BNB doesn’t seem to want to recover at the moment.

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