Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
The H-4 market structure was bearish at the time of writing.
The futures market recorded a massive drop in Open Interest.
In July, the crypto market was mainly driven by Ripple Labslegally win and From Bitcoin [BTC] price promotion. Ripple Labs’ legal victory is tipped Binance coin [BNB] to earn more than $250. But BTC’s recent price action and next week’s Fed decision could derail bulls to overcome the USD 245 hurdle.
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In the meantime, BTC has yet to record a strong corrective rebound from its low range. It struggled to close daily candlestick sessions above $30k for the past few days. The trend could reinforce BNB’s bearish preference for the H4 market structure over the weekend.
Will the $245 resistance hold?
The lower lows and lower highs after the $260 price drop turned the H4 market structure’s tendency to bearish. Bulls can only show bullish intent if they clear the recent low of USD 247.
However, the $245 resistance has blocked further gains since Monday (July 17). If BTC loses the range low, BNB will likely retest the range low of $240 or $238. Put another way, the $245 roadblock could persist if BTC fails to reverse its recent losses.
Conversely, a close above $245 and the subsequent approval of a lower high of $247 could lead BNB to aim for the $250 threshold again.
The RSI (Relative Strength Index) has fluctuated around the neutral point in recent hours. It shows that prices could go either way because the buying and selling pressures were almost equal. In addition, the CMF (Chaikin Money Flow) registered a decrease, indicating an easing of capital inflows.
Open Interest Rate Dropped
On Coinalyze’s 1-hour chart, Open Interest (OI) rates fell from >$450 million on July 17 to around $360 million at the time of writing.
The huge OI, alongside a drop in CVD (Cumulative Volume Delta), indicates a drop in demand in the futures market as BNB solidly consolidated between $240-$245 since July 17.
But both OI and CVD stabilized at press time, suggesting a likely price pivot that could mark a break or rejection at $245.
How many Worth 1,10,100 BNB today?
However, BNB recorded more liquidations of short positions in the past 24 hours. According to Coin analysis$39,000 in short positions were liquidated against $10,000 in long positions – a mildly bullish sentiment.
The above stats flashed mixed signals and calls for caution and tracking BTC price movements before making any moves.
This post Will BNB Cross the $245 Threshold Soon?
was published first on https://ambcrypto.com/will-bnb-cross-the-245-hurdle-soon/