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The Ranging market in BNB might finally be over! The BNB price just broke out of a rising wedge pattern on the 4-hour timeframe. This pattern is very bearish in nature and might cause a 44% dump in price soon!
In this Altcoin analysis, we will be talking about the key levels to watch for this bearish move-in BNB.
Key Levels To Watch
The key level to watch when it comes to managing your risk is the $442 resistance. BNB needs to keep on trading below this key resistance if the bears are ever to have a chance to push the price lower in the coming days.
A price break above this resistance invalidates this bearish price prediction. This makes this level the best region to place our stop loss for this sell-trade.
Bearish Target
For the bearish target, the first level we will be aiming for is the $216 previous lows. There is a very high probability that the BNB price will sell off to this price region before finding support.
A break below this $216 only indicates even more sell-off for BNB for the short term.
Final Verdict
The BNB price has broken through the rising wedge pattern on the 4-hour timeframe. This is very bearish and it strongly indicates that there is a very high probability for the BNB price to continue trending lower for the coming days.
The key level to watch is the $442 price level, as far as BNB continues to trade below this resistance, we will remain bearish on the Altcoin.
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