BNBUSD Reacts upon Reaching the $262.0 Demand Level

BNBUSD has been on an uptrend since mid-June. The price crashed until it was oversold at $181.00, as indicated by the Stochastic. The market structure immediately turned bullish, with higher highs and lows until the resistance level of $336.0 was reached. The market retraced to the demand level of $262.0, where it consolidated for several weeks. Suddenly, the whales in the market rallied to seek liquidity above $336.0 to mitigate the order block below $414.0.

Supply Levels: $336.0, $414.0, $454.0
Demand Levels: $262.00, $214.0, $181.0

What Is the Indicator Saying?

A rejection candle formed above $336.0 at the same time the Stochastic was overbought. This prompted the sell-off to $262.0. The market is currently oversold on the Stochastic indicator. The market is likely to retrace towards $336.0.

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