The latest lower high, 15-September, did not reach the "descending trendline." This is a sign of weakness and reinforces the chart's bearish bias.
Every time Binance Coin produced a pull-back the major descending trendline worked as resistance. Seeing this level being challenged again on the most recent pull-back would be the norm. The fact that we are seeing very low volume and a reversal happening much lower than the trendline is a sign for concern, why?
Because even if prices start moving up again the main descending trendline in black remain valid as resistance and would likely produce a breakdown and potentially a lower low.
➖ BNBUSDT continues bearish. A move and close above $635 would give credence to the bullish case. Trading below this level is bearish.
Namaste.
Every time Binance Coin produced a pull-back the major descending trendline worked as resistance. Seeing this level being challenged again on the most recent pull-back would be the norm. The fact that we are seeing very low volume and a reversal happening much lower than the trendline is a sign for concern, why?
Because even if prices start moving up again the main descending trendline in black remain valid as resistance and would likely produce a breakdown and potentially a lower low.
➖ BNBUSDT continues bearish. A move and close above $635 would give credence to the bullish case. Trading below this level is bearish.
Namaste.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.