Binance Coin Update: Sliding Over the Edge? [BNB TA]

Spoiler: these candles mean bad

More than 3 weeks ago I expressed concern over Binance Coin's medium-term direction. We were right into a congruence of multiple key supports. The PA going into these supports would determine the outlook of Binance Coin for the next several weeks, potentially even months.

I was warning that we needed a bounce THEN, or else. As it seems, BNB chilled flat another week, but the recent action suggests the drop has begun.

Let's take each support indicator, just as we did last time:

1. Support box. I drew it really generous, but even so, we are piercing through its lower edge. A close below it would invalidate it and would suggest a strong down direction.
2. Channel support. It's broken. No way around it. Not even retested properly. Even if BNB goes back up, the current channel doesn't work anymore so I'll just delete it.
3. Weekly 34EMA. This is the „ouch!” factor for me. We closed below it. Then opened and closed below it. Then managed to close above it. Only to close below it again. Now it seems we'll open and close below it by far. And it clearly trends down now. If you ever look for a bearish cue, this is it.

Conclusion

So the writing was on the wall. Sure, the price can always bounce, the current weekly candle can turn into a beautiful hammer, and, until it closes, all that I wrote above is just virtually valid, not fully applicable yet.

But that's why I put a question mark in the title. Is this it? Is BNB finally going bearish? Time will tell, but the signals are here.

Personally, I already sold some BNB 3 weeks ago, front-running the drop. Would I recommend you doing the same? I dunno man, it's your money 😁 I just provide my thoughts and analyses.

Will follow-up in the future, when the price gives us a definite conclusion. Cheers and Happy Trading!