Following a quick bearish interception at the $619 level last weekend, BNB initiated drops and lost the key $600 level after trading calmly for a week. Selling got worse yesterday and the price dipped to $563.5.
This led to notable deductions and the inverse head-and-shoulder pattern that signals bullish in the past weeks became slightly invalidated on the daily chart. Although the bullish pattern is still very valid on the weekly timeframe as it just found a temporal support above the $560 level.
The price has recovered a bit today and is now changing hands at around $581. While there’s still hope for the bulls in the short term, they must reclaim the lost key level to sustain pressure in the future. It will likely face hurdles on the way up before breaking out for a massive run.
If yesterday’s low fails to support the ongoing recovery, the price may continue to fall until it finds a key support level. From the look of things, BNB bulls are more likely to regain control in the next few days.
BNB Key Level To Watch
In case of more drops, the support levels to watch are $562 and $527. If these supports fail to contain pressure, the $500 level would be the next stop to keep an eye on.
A recovery above $600 could bring us back to the recent sell point before breaking higher to the $635 and $659 resistance levels. $700 is the next one to keep in mind.
Key Resistance Levels: $600, $635, $659
Key Support Levels: $562, $527, $500
- Spot Price: $581
- Trend: Bullish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/binance-coin-price-analysis-prediction-october-1-bnb-rebound-after-a-short-pullback-can-it-retake-600/