Binance Coin gave up all of the 2023 positive factors and a few extra
The bearish momentum is ready to proceed
All hopes are on Bitcoin and a reversal of the US greenback’s energy
The US greenback makes victims within the cryptocurrency market. One instance is the Binance Coin or BNB.
It gave up all its 2023 positive factors and a few extra, and the attitude stays bearish.
The chart beneath tells a lot about what 2023 meant for the BNB/USD fee. It began with Bitcoin rallying from $16k to $30k.
Naturally, different cash adopted as the passion within the cryptocurrency market grew by the day.
Nevertheless, Bitcoin met stiff resistance at $30k. It failed to beat it and nonetheless consolidates across the space.
However different cash didn’t consolidate ranges. As an alternative, they declined sharply, falling to the greenback’s energy.
A combo of the US greenback’s energy and lack of religion in most cash led to the sharp selloff. If Bitcoin, the final one standing, additionally provides up its positive factors for the 12 months, then the cryptocurrency market is about to witness one other main selloff.
Therefore, all hopes are in Bitcoin and a US greenback reversal.
BNBUSD chart by TradingView
BNB/USD retains forming bearish patterns
After it reached the $300 space whereas Bitcoin rallied, BNB/USD failed to carry the degrees. Furthermore, it fashioned a triangle that acted as a reversal sample (in crimson on the chart above).
Such triangles often type on the finish of complicated corrections. Its nature recommended a full reversal of the 2023 transfer.
Moreover, the drop to the $200 space noticed no bounce in any respect. As an alternative, the market fashioned two continuation patterns.
If the $200 stage provides approach, BNB/USD would possibly see one other leg decrease, because the bearish patterns recommend. Provided that Bitcoin rallies and/or the greenback reverses its positive factors ought to BNB/USD finish the bearish momentum.
