Disclaimer: The information presented does not constitute financial, investment, trading or any other advice and is solely the opinion of the author

The market structure saw a bullish break at the end of November. Since reaching $313, BNB has been slowly bleeding and could post further losses

Bitcoin has been trading in a range of $17.7k to $15.6k since Nov. 9. Particularly in the past two weeks of trading, volatility has eased as BTC meandered from $16.7k to $17.3k. At the same time, Binance Coin registered a bullish break in the market structure. However, $313 formed strong resistance against BNB bulls.

Read Binance Coins [BNB] Price Forecast 2023-24

The outstanding interest behind BNB has fallen over the past ten days. This meant that Binance Coin could post further losses. Buyers may look for an opportunity to enter longs in such a dip.

Binance Coin was rejected at $313 and has slowly dropped to $284

Source: BNB/USDT on TradingView

On November 18, the price formed a bearish order block. At that time, the market structure was bearish. A few days after that, a strong rise above the $276 level reversed this bearish idea and bulls were once again in the upper hand. A break in the market structure to the bullish side was seen, and a rise to $313 followed. The bearish order block, indicated in cyan on the chart, turned into a bullish breaker.

Because this rise was rapid, it left an inefficiency on the charts. This fair value gap was between $275 and $290. The FVG has confluence with the $276 significance level, as well as the bullish breaker.

Therefore, a return visit to this zone may be of interest to buyers. On shorter time frames, a swing-fail pattern near $260-$270 can be used to alert buyers that an opportunity could arise. In the north, a move to $300-$315 could be used to take profits.

The RSI has been close to 50 neutral since early December. It showed a lack of strong momentum behind BNB. Meanwhile, the OBV and the CMF have also been flat for the past few days. Neither the sellers nor the buyers were dominant based on last week’s trading.

60 days MVRV was falling again, the average coin age shows short term accumulation

Source: Sentiment

Santiment data showed that the 60-day MVRV ratio has worked well in recent months to highlight local highs. This also happened around 3 and 26 November. At the time of writing, the MVRV was close to zero.

Since the previous MVRV peak, the average coin age (90 days) has been on the rise. This showed that BNB tokens have remained at their address and indicated a near-term network-wide accumulation.

Source: Coinglass

On the Open Interest side, the bias was not yet bullish. The rally from $260 to $313 saw a sharp rise in OI. But after this move, both price and OI slowly fell. This could indicate discouraged long positions.

In summary, while a shift to $270-$280 could present buying opportunities, bulls should wait for an entry trigger before buying.

This post Binance Coin Buyers Can Look For Retest Of This 12 Hour Breaker To Buy BNB

was published first on https://ambcrypto.com/binance-coin-buyers-can-look-for-a-retest-of-this-12-hour-breaker-to-buy-bnb/


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