- BNB/USD varieties a doable bearish flag sample
- The US greenback energy isn’t answerable for the BNB/USD bearishness
- $200 supplies assist for now
Bitcoin rallied in 2023 and holds onto its features. Most different main cryptocurrencies did so too, however some exceptions exist.
One is Binance Coin (BNB).
Positive sufficient, it rallied in the beginning of the yr, following Bitcoin’s lead. However then it gave up all of its features – and a few extra.
One can not blame the US greenback’s energy because the trigger for the BNB/USD decline. In any case, the greenback’s energy isn’t seen in different cryptocurrencies.
As an alternative, it seems to be the Binance Coin that trades with a bearish tone. That’s notably true if one seems to be on the technical image, which reveals the bearish stress constructing because the market nears the $200 assist degree.
Binance Coin chart by TradingView
A bearish flag sample means that BNB/USD will break the $200 assist degree
A bearish flag sample is a continuation sample forming in a downtrend. The consolidation space follows a steep decline, and the breakout or the measured transfer equals the gap that the market traveled previous to the consolidation.
If, certainly, BNB/USD fashioned a bearish flag sample, then the assist within the $200 space ought to give means. The sample’s measured transfer, seen in orange above, factors to $150 and decrease.
What ought to fear traders is the lack of the market to bounce whereas different cryptocurrencies maintain close to their yearly highs. It factors to different elements weighing available on the market, totally different than the US greenback’s energy.