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- BNB/USD kinds a attainable bearish flag sample
- The US greenback power shouldn’t be accountable for the BNB/USD bearishness
- $200 offers assist for now
Bitcoin rallied in 2023 and holds onto its beneficial properties. Most different main cryptocurrencies did so too, however some exceptions exist.
One is Binance Coin (BNB).
Positive sufficient, it rallied firstly of the yr, following Bitcoin’s lead. However then it gave up all of its beneficial properties – and a few extra.
One can not blame the US greenback’s power because the trigger for the BNB/USD decline. In any case, the greenback’s power shouldn’t be 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 on the technical image, which reveals the bearish strain constructing because the market nears the $200 assist stage.
Binance Coin chart by TradingView
A bearish flag sample means that BNB/USD will break the $200 assist stage
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 shaped a bearish flag sample, then the assist within the $200 space ought to give method. The sample’s measured transfer, seen in orange above, factors to $150 and decrease.
What ought to fear buyers is the shortcoming of the market to bounce whereas different cryptocurrencies maintain close to their yearly highs. It factors to different components weighing in the marketplace, totally different than the US greenback’s power.
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