Binance Coin Paints A Clear Picture

21 Nov 2022

We are looking at the weekly timeframe for Binance Coin (BNBUSDT).

Notice the huge red candle on the 7-Nov. week.
This is a full bearish candle with the highest volume since May/June 2022.

This one candle cancelled three weeks of growth.
It sent BNB below EMA50, below EMA10 and EMA21.

The week that followed was a bearish confirmation, we see the EMA10 rejetion and again, full bearish close.

We see this pair losing the 0.618 Fibonacci Golden Mean ratio, important support, as well as the ascending trendline that was set with Junes low.

This week we have a continuation, we see/start red which spells bad this for what is yet to come.

The support levels are marked light blue on the chart.

CHANGE
We would need to see a break and close above EMA50 ($317) weekly for things to turn bullish/green.

Any trading below this level we consider consolidation before the bottom is in.

After the bottom is in, we will see first a consolidation phase, then sustained long-term growth.

Years of growth just as we are having years of blood.

Stay strong.
The cryptocurrency market will survive and become stronger once the bad player are removed and exposed.

Endless opportunities... That is what the market is preparing for us.

Patience is key.
Planning, a must.

Namaste.