BNB remains under bearish pressure approaching the tactical support area

BNB MARKET_MINDS BEARISH

Market & Ticker: Binance Coin – BNB/USDT 

 

Date: 23/08/2023 
 
 

Horizon / Timing:  Tactical Mid-term / 1 to 3 months 
 
 

Scenario:  

 

BNB is suffering a negative news flow in parallel of the consolidation in going on the crypto market. Most of the technical indicators confirm the bearish dynamic, however BNB is approaching a significant support area defined at 160/190 where a bullish reversal is supposed to occur. 
 
At the current level, a neutrality zone has been established between 160 and 248 to wait for a new bullish set up to be provided by the price action. The 160/190 key support area remains strong on a mid-term perspective, we are going to wait for an exhaustion of the current bearish momentum and see how the market is reacting in the next days/weeks above this support. 

In other words, a trading range (pause) is likely between 160 and 248, only a clear break above 248 would provide a new bullish signal. The short-term trader can take advantage of the 160/190 area to anticipate the bullish signal and open bullish positions. 

 

Technical Key Elements: 


- RSI Indicator is negative area below 50% 
- The Moving average are resistance at 248 
- Fibonacci key support is adjusted at 160 while the key resistance is adjusted at 248 

 
Trade Idea conclusion:  Neutral – Range Swing 

Upside swing trade 

Target 1: 248 

Buy swing: add in dip area 190 

Stop: 160 

Downside swing trade 

Target 1: 190 

Sell swing: add in dip area 235 

Stop: 248 

Chart: Daily Basis (Candle Stick) - Logarithmic  

Indicators: Exponential Moving Average (21/34/89) - RSI (21) 

 

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