BNB / USDT 1D INTERVAL, Support and Resistance
Hello everyone, welcome to a chart review of BNB vs USDT on a four-hour timeframe. We can start by identifying with the white lines a sideways trend channel where the BNB price has been moving for a long time. Then we can move on to marking the yellow downtrend line under which we are currently moving.
As we can see the last drop in the price stopped perfectly at 0.786 Fib Retracement at $221.6 which is a strong support for our price and also the lower border of the side channel, when the price goes lower we can see a drop to around $183.4 which is the place of the last low prices. However, the price is currently trading in the support zone from $246.5 to $236.9.
Looking the other way, we see that the first resistance should be up at $253.3 from which it has already bounced twice, the next resistance is at $274.2, then at $290.8, $307.9 and $332.4, this is a very strong resistance, and also the upper limit of the sideways trend channel.
It is worth paying attention to the volume, which is very low at the moment. The CHOP index indicates that the energy is exhausted, the MACD tries to maintain an uptrend, while on the RSI, despite the sideways movement, we see that we are quite high, we have room for price growth, but a small correction can be expected locally.
As we can see the last drop in the price stopped perfectly at 0.786 Fib Retracement at $221.6 which is a strong support for our price and also the lower border of the side channel, when the price goes lower we can see a drop to around $183.4 which is the place of the last low prices. However, the price is currently trading in the support zone from $246.5 to $236.9.
Looking the other way, we see that the first resistance should be up at $253.3 from which it has already bounced twice, the next resistance is at $274.2, then at $290.8, $307.9 and $332.4, this is a very strong resistance, and also the upper limit of the sideways trend channel.
It is worth paying attention to the volume, which is very low at the moment. The CHOP index indicates that the energy is exhausted, the MACD tries to maintain an uptrend, while on the RSI, despite the sideways movement, we see that we are quite high, we have room for price growth, but a small correction can be expected locally.
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