Technical Analysis for BNBUSD for 21st November 2022
BNB Remains Bearish, Prices Retest $250
Past Performance of BNB
BNB prices remain under pressure, down 32 percent from November 2022 highs. In the current formation, sellers remain in charge, and prices, despite traders hoping for the best, the coin is still inside a bear flag, as visible in the daily chart. The immediate support line flashes with the 50 percent Fibonacci retracement level of the June to August 2022 trade range at around $250. On the flip side, resistance is at $315, or November 10 high.
BNB Technical Analysis
BNB prices, like other assets, are steady and moving within a narrow trade range. This calmness follows the damaging capitulation of November 8 and 9 that saw BNB slide by over 20 percent in two days. Traders can find entries on every attempt higher at $315, targeting $250. It is because prices are still bound by the November 9 bear candlestick, therefore swinging price action to favor bears from an effort versus result perspective. Besides, although there are higher highs relative to the lower BB, the coin is still within a bear breakout formation, with a general top-down preview being bearish.
What to Expect from BNB
Sellers are in a commanding position. This preview will only change if there are gains above $315, the November 10 highs, and, ideally, the total reversal of November 8 and 9 losses. There could be further liquidation if BNB shrinks below $250 with rising volumes.
Resistance level to watch: $315
Support level to watch: $250
Disclaimer: Opinions expressed are not investment advice. Do your research.
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