BNB Breaks Out of the Ascending Wedge

BNBUSD has displayed a bearish displacement from the supply level at $333.00. The market experienced a trend reversal after the test of the $220.0 demand level. An accumulation phase followed immediately for the remaining days of the year. The price soared valiantly from the demand zone to $240.0. The liquidity pool at $315.0 has magnetized the daily candles. After reaching their first target of $315.0, the buyers attempted to reach their next target of $360.0. The market faced resistance at the $315.0 price. The supply zone caused a retracement back to the bullish order block to push prices higher. The price has struggled to reach the $333.00 supply zone. The test of the supply zone fostered a bearish displacement that violated the ascending wedge. The sellers seem to be very determined to cause a trend reversal.

 

BNBUSD Key Levels

Demand Levels: $254.0, $240.0, $220.0
Supply Levels: $315.0, $333.0, $360.0

What Are the Indicators Saying?

The Stochastic was oversold at mid-December, when the demand level of $220.0 was tested. The Moving Averages (periods nine and twenty-one) crossed at the inception of the year. The Stochastic revealed the market was already overbought at $333.00. This caused the price to decline with the influx of sellers. The Stochastic is slipping into the oversold region. This may foster a retracement to the bearish order block below $333.0 for a bearish displacement. The price is expected to dive from $315.00 to $285.0 beneath the rising wedge.

Learn from market wizards: Books to take your trading to the next level

 

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Dwayne Buzzell

• 

  Lending Works

• 

  ADVFN Deals

• 

  Charles Russell-Pavier