• News
    • Bitcoin
    • Altcoins
  • Blockchain
  • NFT
  • Metaverse
  • Regulation
  • Learn
  • Market Cap
What's Hot

Aptos [APT] diversifies into NFTs and music: How did its price react

2023-03-25

Exploring 10 AI-based Crypto Projects with Potential for Massive Profits

2023-03-25

Polygon [MATIC] sees uptick in these metrics, what does the future hold

2023-03-25
Facebook Twitter Instagram
Top Coin Spot
  • News
    • Bitcoin
    • Altcoins
  • Blockchain

    Chainlink Labs, PwC Germany Partner for Enterprise Blockchain Adoption

    2023-03-23

    Atlanta Home Tokenized on Ethereum, Nets $214,882 in Under 3 Minutes

    2023-03-23

    Blockchain tech could save municipalities money but adds risks, Moody’s says

    2023-03-22

    Celer Network Releases Brevis to Provide More Opportunities for Smart Contracts and DApps

    2023-03-22

    Blockchain messaging is going to replace Telegram and Discord

    2023-03-22
  • NFT

    A Guide to Gods Unchained

    2023-03-24

    A Conversation with Lady Phe0nix

    2023-03-24

    Do You Believe in (Bitcoin) Magic?

    2023-03-24

    Metaverse Project Proposes On-chain Reputation Scores for NFT Projects

    2023-03-24

    Tarzan Swings Into the Metaverse With Official NFT Drop

    2023-03-24
  • Metaverse

    Metaverse Trading Hits All-Time High

    2023-03-24

    Exploring the Metaverse: A Guide to Investing in Metaverse Stocks

    2023-03-20

    A Guide to Virtual Land Staking in the Metaverse

    2023-03-20

    Nissan Doubles Down on Web3 Innovation

    2023-03-13

    As Fashion Moves into the Metaverse, What Other Industries Could Be Next

    2023-03-13
  • Regulation
  • Learn

    In Search of Legal Personality & Limited Liability

    2023-03-23

    Best NFT Wallets in 2023

    2023-03-21

    What are Dapps (Decentralized Applications) Crypto?

    2023-03-17

    How to Short Sell Bitcoin

    2023-03-17

    Are There Any Free Play-to-Earn Crypto Games?

    2023-03-16
  • Market Cap
Top Coin Spot
Home»Altcoins»Binance Coin retests $315 as resistance, is it the right time to go short
Altcoins

Binance Coin retests $315 as resistance, is it the right time to go short

2022-11-11No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

Disclaimer: The findings of the next evaluation are the only opinions of the author and shouldn’t be thought-about funding recommendation

  • Each day construction strongly bearish following rejection at $360
  • $280 and $260 are ranges to be careful for, nevertheless it might be dangerous for the bulls

Binance Coin crashed as far south as $260 on 9 November. The bounce to $313 turned out to be a bearish retest, and the approaching days may see one other leg downward for the trade token.


Learn Binance Coin’s Worth Prediction for 2022-23


The 24 hours previous press time confirmed 50.5% of contributors to be bearishly positioned. The futures market confirmed vendor dominance as nicely. Lengthy-term consumers would wish to train warning, whereas decrease timeframe merchants may relish the volatility.

$260 noticed a bounce in costs however bears stay in management

Binance Coin retests $315 as resistance, bears pick up strength yet again

Supply: BNB/USDT on TradingView

On the every day chart, Binance Coin had a powerful efficiency in October. The time period “Uptober” can apply favorably to the latter half of the month as the worth rallied from the $256 swing low to succeed in $360 on 4 November.

Nonetheless, issues have taken a drastic downward flip previously week. The information surrounding the FTX trade has shifted market sentiment to a strongly bearish place.

Binance Coin noticed heavy volatility in current days. 8 November noticed BNB swing from a excessive at $398 to a low of $298. Since then, the worth has damaged beneath the vary (yellow) it traded inside from August to October.

BNB dropped as little as $260 on 9 November, the day when Bitcoin reached $15.8k. Its prospects didn’t look constructive within the coming weeks.

See also  Microsoft backed Space and Time partners with South Korean gaming firm Wemade

The upper timeframe market construction was firmly bearish. Furthermore, the $300-$315 space was retested as a resistance as nicely. The OBV noticed a pointy dive within the current wave of promoting. The RSI retested impartial 50 as resistance as nicely, when BNB bears flipped $300 to resistance.

Taken collectively, the outlook was bearish on larger timeframes. But, some volatility was very doubtless on the decrease timeframes as hope and concern appeared to grip the market alternatively on an nearly hourly foundation.

The $280, $260, and $240 ranges have been prone to be examined as soon as extra. Additional south, the $210-$218 space may additionally see some demand arrive. Therefore, shopping for at any of those ranges can include numerous threat connected.

Funding charges are unfavorable whereas Open Curiosity sees a pointy drop

Binance Coin retests $315 as resistance, bears pick up strength yet again

Supply: Coinglass

The funding price has been extraordinarily unfavorable previously few days, with figures as excessive as 0.1%. This confirmed that the futures market contributors have been positioned closely bearishly.

The flip aspect of this statement was {that a} sudden surge in costs may trigger en masse liquidations and drive a liquidation cascade upward.

Binance Coin retests $315 as resistance, bears pick up strength yet again

Supply: Coinglass

The Open Curiosity chart additionally confirmed a lower in OI previously week after the native high shaped at $360. The bulls who fueled the earlier rally had doubtless been pressured out of the market. An increase in OI alongside a fall in costs within the coming days would present bearish energy.

Given the dangerous situations for bulls out there, it may pay for bulls to attend patiently for this storm to blow over. It was unclear how lengthy it may take. With Bitcoin exhibiting weak spot beneath $18k, Binance Coin may rapidly drop beneath substantial assist ranges as soon as once more.

See also  Capital Outflows Surge Massively! Is This The End Of Terra Classic (LUNC)?

Source link

Binance Coin Resistance Retests Short Time
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Aptos [APT] diversifies into NFTs and music: How did its price react

2023-03-25

Exploring 10 AI-based Crypto Projects with Potential for Massive Profits

2023-03-25

Polygon [MATIC] sees uptick in these metrics, what does the future hold

2023-03-25

Tether releases Q1 USDT profit estimate amid growing FUD

2023-03-24
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Woman Allegedly Involved in $4,000,000,000 ‘OneCoin’ Scheme Hit With Fraud Charges by the DOJ

2023-03-22

CZ responds to Forbes claims, and Solana goes down again — Watch The Market Report live

2023-03-01

What does Aave’s growth on Arbitrum mean for the current state of L2s

2022-12-11

Subscribe to Updates

Get the latest news and Update from Top Coin Sports about Crypto, Metaverse, NFT and more.

About
About

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, Defi, NFT, Metaverse and more.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest YouTube
Top Insights

Aptos [APT] diversifies into NFTs and music: How did its price react

2023-03-25

Exploring 10 AI-based Crypto Projects with Potential for Massive Profits

2023-03-25

Polygon [MATIC] sees uptick in these metrics, what does the future hold

2023-03-25
Get Informed

Subscribe to Updates

Get the latest news and Update from Top Coin Sports about Crypto, Metaverse, NFT and more.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
© 2023 Topcoinspots.com - All rights reserved.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$27,678.00-1.76%
  • ethereumEthereum(ETH)$1,759.47-2.01%
  • USDEXUSDEX(USDEX)$1.080.18%
  • tetherTether(USDT)$1.00-0.31%
  • binancecoinBNB(BNB)$325.900.54%
  • usd-coinUSD Coin(USDC)$1.010.20%
  • rippleXRP(XRP)$0.4487723.50%
  • cardanoCardano(ADA)$0.362712-0.36%
  • dogecoinDogecoin(DOGE)$0.0756310.37%
  • staked-etherLido Staked Ether(STETH)$1,756.38-1.76%