The $620-$680 critical range test was a great achievement for buyers in the BNB market. The global range forced the BNB price to go into a deep and protracted correction in May. And in six months, buyers were able to rehabilitate and re-approach the walls of the critical liquidity zone. The first blow to buyers in early November was not entirely convincing. In the weekly timeframe, we see that the price has stopped within the range. The next weekly candle from 8 November showed the reluctance of buyers to use additional volumes to break the $620-$680 range. Therefore, buyers actually gave the initiative to sellers and the result is already noticeable this week.
For the week of 15 November, sellers have already lowered the price by 23 percent. The first problem for buyers occurred when the price met the trend line, which has maintained a growth trend since the end of September. If sellers are unable to take control of this trend line this week, it will mean the end of sellers’ dominance in the BNB market and the beginning of a new attempt to break the $620-$680. In this case, we will expect the first stop of the BNB price at around $900.
BNB Technical Analysis On The Daily Timeframe
Although the current correction in the daily timeframe is taking place at increased trading volumes, the trend of buyers has not broken yet. The daily candle from 19 November predicts to close green and this may be the day of the BNB market reversal. If the weekend goes smoothly and the BNB price remains above the trend line of buyers, we will expect a sharp boost from the new week. However, the loss of the trend line of buyers and the range of $530-$550 will continue to fall the BNB price with the first target of $480. In any case, we will expect a price rebound from this mark. And according to the results of this rebound, it will be clear to expect the continuation of the downward trend or it was the culmination of sellers before the trend change.
The BNBBTC Price Is Not Going To Fall An Inch Lower
Quite an interesting situation has developed in the BNBBTC market. In the weekly timeframe, we see a long-term consolidation and placement of the price near its upper limit. However, within two weeks, sellers are trying to lower the price and without results. Even after yesterday’s Bitcoin fall to $56,000, today, on 19 November buyers immediately returned the BNBBTC price to yesterday’s level. Therefore, in the near future, we expect the breakthrough of this long-term consolidation upwards and the implementation of our positive scenario in the BNB market.
