Technical Analysis for BNBUSD for 15th December 2021
BNB Bears Retesting Q3 2021 Highs of $500; Further Losses may see BNBUSDT Dump Another 35%
Past Performance of BNB
Binance Coin is free-falling when writing, trading within a bear breakout pattern evident in the daily chart.
While BNB might have solid fundamentals, the price recalibration across the board has been the inescapable gravity dragging all crypto assets—Binance Coin included below critical support levels. The coin is now down 22 percent, retestingQ3 2021 highs.
What to Expect of BNB
Overall, BNBUSDT is bullish from a top-down analysis.
However, sellers have had the upper hand in the past few weeks.
As it is, BNB is retesting the primary support at around $500 in a short-term bear breakout pattern traced to early December.
The confirmation of sellers in the past few days weighs negatively on optimistic buyers and may even see BNB prices slip below $500—canceling the bullish breakout pattern of late October 2021.
BNB Technical Analysis
The BNBUSDT price is within a bear breakout pattern as sellers unload on every high.
The inability of BNB bulls to unwind recent losses only serves to embolden sellers. Following deep losses on December 13, sellers of December 4 were confirmed.
Notably, BNBUSDT prices are still capped within the December 4 bear bar, signaling weakness across the board.
A reversal above the middle BB and ideally $600 may slow down sellers.
On the other hand, a sell-off below $500 may draw more sellers as they target $450 and even September 2021 lows of $330.
Resistance level to watch: $600
Support level to watch: $500
Disclaimer: Opinions expressed are not investment advice. Do your research.
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