#BNBUSDT Descending Channel, is Breakout possible?
🔸After the market crash in August 5, BNB has seen a pullback of 35% sending the price from $401 to $545. Currently sitting at $535 below the 200 MA ($536).
🔹The reason behind the price movements has been the overall market behavior specially Bitcoin, if you have read my BTCUSDT analysis that i posted yesterday you can notice some similarities among these two pairs.
🔸Similar to Bitcoin, BNB is consolidating below it's 200 MA ($536) and the support at $510. With a little bit of positive fundamentals to push the bulls, Bitcoin price can possibly move higher and try to regain it's recent losses resulting in BNB to follow the flagship and break above the 200 MA ($536)
🔹From there if the next target for buyers would be the resistant line of the channel, if this resistance cracked the price can move up to $620, $645, $700 and $720.
🔸Conversely, if the pair stayed loyal to the Descending Channel and aimed lower, the $500 - $510 support will break the next target for the bears would be $460 and $400.
Zanzibar Trading
🔹The reason behind the price movements has been the overall market behavior specially Bitcoin, if you have read my BTCUSDT analysis that i posted yesterday you can notice some similarities among these two pairs.
🔸Similar to Bitcoin, BNB is consolidating below it's 200 MA ($536) and the support at $510. With a little bit of positive fundamentals to push the bulls, Bitcoin price can possibly move higher and try to regain it's recent losses resulting in BNB to follow the flagship and break above the 200 MA ($536)
🔹From there if the next target for buyers would be the resistant line of the channel, if this resistance cracked the price can move up to $620, $645, $700 and $720.
🔸Conversely, if the pair stayed loyal to the Descending Channel and aimed lower, the $500 - $510 support will break the next target for the bears would be $460 and $400.
Zanzibar Trading
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