Name Price24H (%)
Bitcoin (BTC)
$9,277.01
-0.31%
Ethereum (ETH)
$239.77
0.13%
XRP (XRP)
$0.185907
-0.43%
Litecoin (LTC)
$43.76
0.36%
Market Analysis

BNB Technical Analysis – Short setup

BNB, currently 9th largest crypto-asset by market capitalisation (according to CMC), has taken a very large hit of over -75% from peak to trough in only 6 weeks. That alone should be a telltale about future movements, as heavy selling pressure very rarely simply disappears out of the blue.

After a large sell-off, the selling pressure tends to dissipate over time as more buyers gain strength at new low prices and we believe this will not be different.

BNB’s weekly chart can be simplified to three key levels/liquidity areas:

  • $26-$28
  • $14.5
  • $4-$5

In 2020, price rallied and was met by heavy resistance at the upper ($26-$28) range. With the help of the pandemic price was able to push through $14.5 and turn it form support to resistance. As the bearish retest occurred, the next target in sight is ($4-$5) as long as $14.5 is not breached on the daily timeframe.

Dropping down a few timeframes to the 4H, we can see a supporting trendline that was broken and bearishly retested. That furthers the argument of ($4-$5) being the next target for BNB.

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