Negative Signals and Potential Support Levels

During the past week, BNB experienced a lack of demand and faced significant negative reactions when it reached the resistance range of $248-254, specifically at the daily 0 Fibonacci level. This break in the short-term upward trend line indicates a negative signal for a potential decrease, suggesting a return to the support level at the bottom of the channel. As a result, there is a likelihood that Binance Coin may face selling pressure, leading to a retest of the support range around $224 (at the daily 1 Fibonacci level). Considering the downward trend in the daily timeframe, there is also a possibility that the price may break the bottom of the channel and reach the precise support level at $206. Until we witness a strong rebound and a breakthrough above the upper limit of the range channel, it is unlikely to expect a bullish mid-term trend.

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