Bnb analyse
The month closure was not very favorable for the bulls. Will there now be a healthy retrace after a 4 month rise? We will go through the possibilities with you today. On the monthly chart we find support around the next course 27.1226 with below that on 23.4499. This last support has confluence with the ema8 and the golden pocket of the fibonacci on the 3D chart.
Daily we see a nice retrace on the ema100 but also a bearish breaker of the trend. Which way is it going? We discuss the possibilities. When we measure the breaker of the higer low with the fibonacci at the 12h then the golden pocket is on the lower blue resistance zone. A point which we definitely have to keep an eye on, when we test this bearish, a drop to the 23.4499 zone is most logical. If we manage to break the zone bullish then the next resistance zone is 32.7633.
The ema's are in favor of the bulls but the other indicators are in favor of the counterparty. We see the rsi crawl up again to the ema just below the middle line. This will be another exciting moment where we can most likely expect a reaction with a lot of volume.
On the 4 hour graph we can clearly see the bearish break and it looks like the liquidity has not yet been raised. We can see this in the green marked circle. Beneath the wick of that big black candle there will most likely be many stops of retail traders, and the big boys know that too.
Looking at the previously mentioned 12H fibonacci retrace we see the 0.618 confluence with the consolidation zone you can see on the candles, the monthly and weekly open, both ema's (100 & 200). On the volume profile on the right we see the POC (Price Of Control) as well. Quite a lot of signals coming together there.
The ema's can cross bearishly, on the rsi we already see a rejection on the middle line. The ema is still below the rsi but I doubt if that will remain so given the fast rise of the ema.
Conclusion: I am currently monitoring the 12H golden pocket retrace myself. This level is at a rate of 28.50 - 29.30 dollars. For the time being I see this as a point where it should become clear what the price will do.
Bullish is breaking and retesting the upper blue zone ($29.30) and then looking at $32.76. The bearish scenario is a bearish retest on the 12H golden pocket with the final target at $23.44.