Technical Analysis for BNBUSD for 6th December 2021
BNB Slides 18% below a Multi-week Support Trend Line, Sellers Target $500
Past Performance of BNB
The Binance Coin is relatively resilient even in the face of relentless sellers.
BNBUSDT price performance in the daily chart shows BNB is within a bear breakout pattern, trending below a key multi-week support trend line.
The coin is also down 18 percent from Q4 2021 peaks on the last trading day.
What to Expect of BNB
The primary support line for BNBUSDT prices is at $500—it marks Q3 2021 highs.
Even though sellers are in control, value erosion isn't as profound as other altcoins.
By extension, this points to the strong BNB props, an indicator of the project's quality.
Therefore, position traders might search for entries to double down, loading the dips.
On the flip side, however, swing traders can sell on pullbacks below December 4 highs at $600, targeting $500 in the short-term.
BNB Technical Analysis
Overall, the BNB price chart is in red and bulls are bleeding.
Down 18 percent when writing, BNBUSDT is within a bear breakout pattern markedly with high trading volumes.
The inability of buyers to unwind losses of December 4 and turn the tide against sellers suggests short-term weakness.
Based on this preview, swing traders may search for short entries below December 4 highs at $600—and $620—to unload, aiming at $500 in the short term, as mentioned earlier.
Sustained losses below this level may see bears press deeper to $400—the 61.8 percent Fibonacci retracement level of the H2 2021 trade range.
Resistance level to watch: $600
Support level to watch: $500
Disclaimer: Opinions expressed are not investment advice. Do your research.
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