Binance Coin (BNB) Weaker and Facing Possible Crash

December 11, 2019 11:37 PM UTC

In contrast to Bitcoin’s current position, an equilibrium pattern, BNB has set a lower low breaking out of the equilibrium pattern but seeing no continuation from the bears.

The bulls have been rejected 6 times in a row from the 12-period EMA and yet the bears haven’t been able to really take over which indicates they also lack strength. It seems that neither party wants to fully engage just yet.

Trading volume continues to drop and is reaching lows not seen since October 2018. The RSI is close to oversold levels and could help the bulls. Bitcoin is also holding on so far, something that will also help the bulls prevent a crash.

The 4-hour chart is trying to bounce off a double bottom and confirm an uptrend. The bulls would need to break above $15 for that to happen.

The current weekly bear flag is still on, although slowly fading away if the bears can’t see any continuation. Trading volume has been dropping significantly too and the RSI is also close to being oversold.

The monthly chart remains bullish even after the recent downtrends. The digital asset is still trying to set a higher low compared to the minuscule $4.12 level of the last low. The bulls have a lot of space to work with even if the weekly downtrend is extended.

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