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Home»Altcoins»Binance Coin Looks Bearish In The Short Term, But…
Altcoins

Binance Coin Looks Bearish In The Short Term, But…

2023-06-25No Comments2 Mins Read
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Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.

  • Binance Coin showed a bearish trend on the 4-hour price chart.
  • This finding was counteracted by the spot CVD metric.

Even though it was one of the largest exchanges by trading volume, Binance [BNB] has had its fair share of regulatory issues in recent weeks.


Read Binance Coins [BNB] Price Forecast 2023-24


The latest was in Belgium, where the country’s leading financial regulatory body demanded an immediate halt to Binance’s services to local clients.

If this trend continues, it could have an increasingly negative impact on Binance Coin usage, adoption and ultimately prices. Binance Coin was already suffering short-term losses and entered a lower downtrend.

The price action in H4 showed that further losses were likely

Binance Coin breaks short-term structure to bearish, but spot demand increased

Source: BNB/USDT on TradingView

The 4-hour chart showed that Binance Coin bulls attempted to recover from June 12 to June 21. On June 22, BNB soared past a recent high of $252.8. However, instead of moving higher, BNB started to tank.

Therefore, the short venture of over $250 was likely an attempt to grab liquidity before returning.

The bulls failed to defend the near-term support of $247, and on June 24, Binance Coin broke the near-term bullish market structure. This happened after the decline below the USD 238.5 level.

The $240.8-$248.8 area was the bearish order block from which the structure break started.

At the time of writing, Binance Coin prices were testing this resistance again. Rejection from this area and a new leg on the price chart were likely. The OBV has slowly fallen over the past week and the RSI has remained below the neutral 50.

See also  Bancor Defies Expectations During Bearish Weekend, Climbs 40%

Coinalyze data showed that short-term demand increased behind BNB

Binance Coin breaks short-term structure to bearish, but spot demand increased

Source: Coin analysis


Realistic or not, here is the BNB market cap in terms of BTC


As of June 22, as of this writing, Binance Coin is down from $252. Open interest also trended lower, leading to discouraged longs and bearish sentiment in the market.

Still, the 1-hour spot CVD statistic saw a strong uptrend. This meant that buying pressure was present behind the exchange token and the dip at press time was only temporary. In order for the market structure to change in the near term, Binance Coin prices must rise above $249.8 again.

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Bearish Binance Coin Short term
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