Binance Coin has dropped to the bottom of a clear falling wedge pattern after crashing 20% against BTC pairing over the last 2 weeks. A short-term reversal could be on the cards if this particular formation plays out.
Binance Coin Daily Analysis
On the daily chart for BNB/BTC, we can see the wedge pattern forming in a descending fashion. Both the 50 MA and 15 SMMA have crossed down signalling bearish momentum. Maxx Momentum has also flagged what appears to be a sell signal.
Volume is awfully low and has been for the last 2 weeks as price levels dropped from 29,500 to 22,500 Sats. It’s likely that we’ll see Binance Coin’s price action bounce around the current market price of 23,500 Sats and $26 on the USD pair for BNB. However, volume will have to return to similar heights that we have seen throughout the last few months in order for a bounce to be sustainable.
Two key support levels to look out for in case price levels break down out of the wedge displayed on the technical analysis are 21,700, 18,800, and 14,300 Sats….