![Binance Coin [BNB] bulls harbor hope despite losses: Here’s why](https://i.headtopics.com/images/2023/2/28/cryptoamb/binance-coin-bnb-bulls-harbor-hope-despite-losses--binance-coin-bnb-bulls-harbor-hope-despite-losses--1630577313166311424.webp)
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. The market structure was bearish at press time. The divergence showed that the near-term downtrend was likely to continue. Binance Coin [BNB] fell beneath the $305 mark at the time of writing and had […]
was also indecisive and leaned in favor of the sellers. It oscillated from $23.1k to $23.9k on Monday, marking these as near-term support and resistance levels. A move beneath $23.1k will likely see BTC drop to the higher timeframe support in the $21.6k-$22k area.On 13 February, Binance Coin fell sharply onto the $287 support level. In the days that followed, the bulls were quick to rally, pushing prices as high as $327.8 on 16 February. Since then, the price has formed a series of lower highs.
The price also formed a hidden bearish divergence with the RSI, further strengthening the idea that losses would continue. At the time of writing, the RSI stood at 44, and showed neutral to weak bearish momentum.sat an H4 bullish order block. BNB bulls must exercise patience and caution and wait for a favorable reaction from this zone before buying the asset. Meanwhile, short sellers can look to book profits on a test of this zone.
Despite the recent losses, the A/D line has continued to move upward. This signified buying pressure was steady in the past few days. Hence, a bullish reversal could occur in the coming days.Coinalyze In line with the bearish market structure, the Open Interest also denoted bearish sentiment. The one-hour chart above showed the OI has declined alongside prices, and showed long positions were discouraged. The funding rate was also negative and showed BNB sellers have been dominant.
Yet, like the rising A/D line, the spot CVD showed buying volume. Therefore, further losses before a reversal were a likelihood.Subscribe to get it daily in your inbox.
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![Bitcoin [BTC]: With this new milestone, a new bull cycle remains in doubt](https://i.headtopics.com/images/2023/2/28/cryptoamb/bitcoin-btc-with-this-new-milestone-a-new-bull-cyc-bitcoin-btc-with-this-new-milestone-a-new-bull-cyc-1630320117966950400.webp?w=640)
Bitcoin [BTC]: With this new milestone, a new bull cycle remains in doubtBTC’s 1-week average market price falls below the 200-week average for the first time. BTC has seen increased sell-offs in the last week. Leading coin Bitcoin [BTC] registered a new milestone as the coin’s 1-week average market price fell deep below the 200-week average for the first time, CryptoQuant analyst Binh Dang found. According to Dang, […]
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