was also indecisive and leaned in favor of the sellers. It oscillated from $23.1k to $23.9k on Monday, marking these as near-term support and resistance levels. A move beneath $23.1k will likely see BTC drop to the higher timeframe support in the $21.6k-$22k area.On 13 February, Binance Coin fell sharply onto the $287 support level. In the days that followed, the bulls were quick to rally, pushing prices as high as $327.8 on 16 February. Since then, the price has formed a series of lower highs.
The price also formed a hidden bearish divergence with the RSI, further strengthening the idea that losses would continue. At the time of writing, the RSI stood at 44, and showed neutral to weak bearish momentum.sat an H4 bullish order block. BNB bulls must exercise patience and caution and wait for a favorable reaction from this zone before buying the asset. Meanwhile, short sellers can look to book profits on a test of this zone.
Despite the recent losses, the A/D line has continued to move upward. This signified buying pressure was steady in the past few days. Hence, a bullish reversal could occur in the coming days.Coinalyze In line with the bearish market structure, the Open Interest also denoted bearish sentiment. The one-hour chart above showed the OI has declined alongside prices, and showed long positions were discouraged. The funding rate was also negative and showed BNB sellers have been dominant.
Yet, like the rising A/D line, the spot CVD showed buying volume. Therefore, further losses before a reversal were a likelihood.Subscribe to get it daily in your inbox.
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Source: CryptoAmb - 🏆 22. / 68 Read more »
Source: CryptoAmb - 🏆 22. / 68 Read more »
Source: CryptoAmb - 🏆 22. / 68 Read more »