Binance Coin: Bullish reversal imminent for BNB? Here’s what the indicators say

BinanceCoin: Bullish reversal imminent for BNB? Here's what the indicators say

has also seen losses in recent days, but it had some support at the $22.5k level, and further south at $21.6k. Over the next week, can Binance Coin bulls force the short-term downtrend to end?Source: BNB/USDT on TradingView

A fast pump followed by a slower retracement can mean that, once the retracement was done, the price can begin to ascend and break past the previous resistance once more. The strong rally on 14 February set a bullish order block at the $286-$294 area. Highlighted in cyan, this H4 order block could present a buying opportunity in the coming days.

The RSI was beneath neutral 50 to show strong bearish momentum behind Binance Coin. The volume oscillator did not show a large spike in trading volume. Instead, the volume has been low, which was expected over the weekend.Monday’s high and low could establish critical levels to watch out for the next week. Bulls can wait for a move into the aforementioned order block and a bullish market structure break on lower timeframes such as 1-hour to look for buying opportunities.

The spot CVD was also in a downtrend, although it did see an uptick in recent hours. This would not be sufficient to shift the trend. Traders can wait for a surge in OI for an indication that sentiment was particularly strong in one direction.Subscribe to get it daily in your inbox.

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