Binance Coin bulls are looking fatigued today as the asset consolidates tightly inside of a 20-day bearish descending triangle pattern. For the past two months, BNB was tracking well inside a sideways wedge until a downtrending resistance dissected through the price action and obstructed the asset’s progress at the start of this month. The psychological support at 150,000 Sats has been propping up bullish traders for the last few weeks but momentum has started to show signs of weakening recently on a number of indicators, as bears gain the upper hand.
Diving into the 1D BNB/BTC chart, we can see that today’s candle is already starting to dip below the 150,000 support level as bearish selling pressure picks up.
- On the 1D, 4hr and 2hr RSI and MACD indicators, we can see that the indicator line has spiked downward and the 12MA has dipped bearishly below the 26MA as bulls struggle to hold on ...
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