This chart leaves no room for doubt. Binance Coin (BNBUSDT) closed red three months straight and is now trading red for the fourth consecutive month.
The action is happening below $523 which is the 0.382 Fib. retracement level for the entire bullish wave that started October 2023. This is an important level. While BNB trades below it, the bearish bias remains quite strong.
- A descending triangle is present on the chart but already broke bearish.
Last month, BNBUSDT removed all support with a long lower wick that hit as low as $400.
If there is another drop, as the chart is showing, prices can reach as low as $300 - $333.
While this is a negative development in the short-term, it would be followed by a strong, long-term recovery.
The chart is bearish and pointing down; stay away unless you are short.Remember, things will get bad when the final down-leg starts to unravel and this will happen really soon. But do not get caught in the panic, this is a normal process that the market goes through at each cycle. It moves up and down, up and down; nothing new truly, it is as normal as it gets.
While the market will overreact, as usual, there is no need to panic because corrections tend to remove what isn't working and this is good for the long-term.
- Just make sure that you are protected, mentally and financially.
Just make sure that you are aware. - Just knowing what is coming can help you keep a calm mind while everything burns. #CryptoMarketMoves #bitcoin #btc #BNBAnalysis $BNB
