BNB - M pattern

25 Mei 2022

Could BNB be signaling the direction for ETH and BTC as well? At the current moment BNB looks very bearish. The chart on the left showcases the 4H timeframe. If $219 was our bottom and around $340 our top, then the 4H fibs have incredible confluence. We are also forming some sort of double top M pattern as showcased. If we breakdown our first measured move would be around $290. The chart on the right showcases the 1D timeframe where we can see old support (green arrows) has been flipped into new resistance (red arrow). Also, on the 1D RSI we are finding resistance at the middle of the channel which has previously led to selloffs as well (red arrows).