Knights Crypto Tracker logo Knights Crypto Tracker logo
Cryptoknowmics 2022-10-07 10:29:39

BNB Technical Analysis: Bear Cycle Starts With BNB Hack

The BNB Technical Analysis shows a bearish reversal starting within the consolidation range as the news of the BNB hack comes forward. The BNB price action exhibits a long-range consolidation face between the two Fibonacci levels of 50% and 23.60% in the daily chart. Currently, the price action shows a bearish reversal from the overhead resistance signaling the start of a bear cycle. However, the bear cycle starts with the news of a hack in the cross-chain bridge, increasing the possibility of a high momentum downtrend. Key Points: The Binance price action consolidates between $262 and $300 in the daily chart. The bear cycle sabotages the bullish breakout possibility of the double-bottom pattern. The intraday trading volume in Binance is $1.05 billion. Source – TradingView BNB Technical Analysis As we mentioned in our previous analysis, the BNB price fell to the bottom support of $262 and failed to give a breakout, leading to a consolidation range. Moreover, the bearish failure leads to a consolidation range with an overhead resistance of $300. The Fibonacci level of 50% and 23.60% coincide with the consolidation boundaries of $262 and $300. Currently, the price action takes a bearish reversal from the overhead resistance, with an evening star pattern accounting for a drop of 5%. Additionally, the spike in the trading volume supports the bear cycle as the news of a cross-chain Bridge hack circulates within the market. Presentl...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.