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How is Binance BNB Looking Today?
Binance BNB is currently trading just above the support at $240 and has been going sideways on the lower timeframe. The price has not moved much since the breakout on 18th December and is trading with the region between $240 and $250. The crypto market, in general, has been looking pretty stagnant for the past week, and the crypto King, Bitcoin, is also consolidating at the moment. It is crucial for BNB to get above the resistance at $250 in the next few days and avoid further sell-off. Let’s take a quick look at the latest BTC charts to see where the price could be headed next in the immediate short term.
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Analyzing the Charts
If we take a look at the latest 4-hour charts for Bitcoin, we can see that the price is also facing a trendline resistance that is squeezing the price toward the downside.
We can also notice that the price is forming a descending triangle with this trendline. A descending triangle is a bearish pattern that indicates that the bulls are taking a step back, and the price might drop further.
If this structure does play out in the short term, we can expect a sell-off in the coming days. The next level we will be eyeing for support in that scenario is the $230 mark.
We did see the Binance coin bounce back from this region before, and we could also expect it to find some support here in the short term.
Also, if we do see some movement for Bitcoin in the short term, this descending triangle will likely play out soon.
Conclusion: Final Verdict on Binance BNB
Binance BNB is currently trading around the $240 mark and is struggling to gain momentum on the lower timeframes. The price is forming a bearish pattern, and we could see further downside movement soon. If BNB does break below $240 with decent volume, we will also be interested in placing a short trade on the Binance coin.
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To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
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