Binance Coin gave up all of the 2023 good points and a few extra
The bearish momentum is about to proceed
All hopes are on Bitcoin and a reversal of the US greenback’s power
The US greenback makes victims within the cryptocurrency market. One instance is the Binance Coin or BNB.
It gave up all its 2023 good points and a few extra, and the angle stays bearish.
The chart beneath tells a lot about what 2023 meant for the BNB/USD charge. It began with Bitcoin rallying from $16k to $30k.
Naturally, different cash adopted as the keenness within the cryptocurrency market grew by the day.
Nonetheless, Bitcoin met stiff resistance at $30k. It failed to beat it and nonetheless consolidates across the space.
However different cash didn’t consolidate ranges. As a substitute, they declined sharply, falling to the greenback’s power.
A combo of the US greenback’s power and lack of religion in most cash led to the sharp selloff. If Bitcoin, the final one standing, additionally provides up its good points for the yr, then the cryptocurrency market is about to witness one other main selloff.
Therefore, all hopes are in Bitcoin and a US greenback reversal.
BNBUSD chart by TradingView
BNB/USD retains forming bearish patterns
After it reached the $300 space whereas Bitcoin rallied, BNB/USD failed to carry the degrees. Furthermore, it fashioned a triangle that acted as a reversal sample (in purple on the chart above).
Such triangles often type on the finish of complicated corrections. Its nature instructed a full reversal of the 2023 transfer.
Moreover, the drop to the $200 space noticed no bounce in any respect. As a substitute, the market fashioned two continuation patterns.
If the $200 degree provides approach, BNB/USD may see one other leg decrease, because the bearish patterns recommend. Provided that Bitcoin rallies and/or the greenback reverses its good points ought to BNB/USD finish the bearish momentum.
