Binance Coin (BNB) – Exposed to additional downside movementsPosted on Thursday, September 15 2022 at 8:34 pm GMT+0000
Binance Coin (BNB) is re-challenging the 3/1 Gann fan angle stretched from the June 18th bottom which managed to curb downside movements the previous week.
The famous coin’s volatility has eased over the last few days as reflected by the squeezed Bollinger bands, while the oscillators are conveying weak signals in the directional impetus. The RSI is sloping south beneath its neutral mark and the Stochastic oscillator is exhibiting a strong bearish charge, with the K% line diving into the bearish territory.
So should negative momentum intensify, drifting the price below the 3/1 Gann fan angle and more importantly beneath the September 7th bottom of 259.00, the way will open towards the July 26th low of 239.70. In the event bearish pressures continue to overwhelm, the coin will likely sink to the July 13th bottom of 216.10.
On the flip side, if buyers unearth some positive traction around the aforesaid Gann line, and decisively step above the mid-Bollinger band upside limitations could transpire again from the area linking the upper-Bollinger band and the last Monday top around 297.00 – 300.00. Further higher, the buyers’ attention will shift towards the important August 10th peak of 336.80, where any violation would introduce a major upgrade to the medium-term outlook.
All in all, Binance Coin is still exposed to downside movements, with sellers waiting for a dive beneath 259.00 to raise their exposure in the market. Only a climb above 300.00 may change this view.