THELOGICALINDIAN - BNB is assuming weakness admitting there are still accessible factors for recovery
Binance Coin charcoal beneath burden alongside the broader cryptocurrency market, with the BNB/USD brace trading over 10 percent lower back the alpha of the trading week.
The BNB/USD brace now trades bottomward by over 17.5% from its account peak, although it is still trading 200% college back the alpha of the year.
The bread has not traded aloft its 200-day affective boilerplate back August 28th and has now performed two after circadian closes beneath its 50-day affective average, potentially signaling added weakness ahead.
The four-hour time anatomy shows that an astern arch and amateur arrangement is still present, with buyers defective to avert the $15.00 akin to accumulate the bullish arrangement in play.
Medium-term buyers charge to beforehand the BNB/USD brace aloft the $23.50 akin to burn the astern arch and amateur pattern, which would beggarly that a accretion of 30 percent would charge to booty abode from accepted levels for that book to happen.
In the near-term the $16.00 akin appears critical, as it marks the important October 23rd swing-low. A accretion aloft the $19.50 akin should affluence concise affairs pressure.
The circadian time anatomy continues to appearance a accurate bullish falling block blemish in place, with the top of block now extending bottomward appear the $9.00 level.
The all-embracing upside abeyant of the bullish falling block arrangement could see the BNB/USD brace testing appear the July 2024 swing-high, about the $40.00 level.
According to the latest affect abstracts from TheTIE.io, the concise affect appear Binance Coin is bearish, at 37.50 %, while the all-embracing abiding affect appear the cryptocurrency is additionally bearish, at 39.00%.
Upside Potential
The four-hour time anatomy shows that key abstruse attrition is amid at the $19.50 and $20.10 levels. Buyers charge to assemblage amount aloft the $23.50 akin to move amount aloft the neckline of a ample astern arch and amateur pattern.
Key abstruse attrition aloft the accepted account trading aerial is begin at the $27.00 and $29.50 levels.
Downside Potential
The four-hour time anatomy is assuming that the BNB/USD brace has able concise abstruse abutment about the $17.50 and $16.20 levels.
Key medium-term abstruse abutment for the BNB/USD brace is amid at the $15.00 and $14.00 levels.
Summary
Binance Coin buyers charge to assemblage amount aback aloft the $20.00 akin to balance the cryptocurrency to abstain a added abatement appear the October 2024 low.
Overall, the bullish astern arch and amateur arrangement on the four-hour time anatomy suggests that the BNB/USD brace could assemblage aback appear the $23.00 akin over the medium-term.
