Summary
•
consolidates after a sharp 24-hour move, testing a key support zone near $835–840.
• Momentum indicators suggest waning bullish pressure, with RSI nearing overbought territory.
• Volume surged in early morning ET, confirming a potential reversal pattern near $845–850.
BNB/Tether (BNBUSDT) opened at $842.64 on December 24, 12:00 ET, and traded between $835.11 and $849.86 over the next 24 hours, closing at $841.01 at 12:00 ET on December 25. Total volume reached 20,971.958, with notional turnover amounting to $17,541,635.
Structure and Formations
Price formed a bullish flag pattern between $840 and $845 after a sharp rally earlier in the session, which was followed by a bearish breakout below key support at $840. A potential bearish engulfing pattern developed in the 5-minute chart around $845–846, suggesting a reversal in buyer momentum.
Moving Averages
On the 5-minute chart, the 20-period and 50-period SMAs converged near $843–844, aligning with the recent consolidation range. The daily 50-period SMA sits above $845, suggesting the longer-term trend remains slightly bullish, but recent closes have weakened this signal.
Momentum and Volatility
MACD crossed into negative territory, indicating a shift in momentum toward the bears. RSI approached 70 but failed to confirm overbought conditions, hinting at potential exhaustion in the current rally. Bollinger Bands widened in the morning, reflecting increased volatility, with price now trading near the lower band, suggesting a potential bounce or further consolidation.
Volume and Turnover
Volume spiked sharply between 00:00 and 02:00 ET, coinciding with a sharp price drop from $847 to $841. Turnover also surged, confirming the strength of the downward move. A divergence appears between price and volume in the afternoon, which may suggest weakening bearish conviction.
Fibonacci Retracements
The recent 5-minute swing from $845 to $849.86 saw a retest of the 61.8% Fibonacci level at $847.50, which failed to hold. The daily retracement level at $840 (61.8% of the move from $835 to $849.50) has now become a key area to watch for further support or rejection.
The price may find near-term direction depending on whether it holds above $837–840. A breakdown below this range could trigger a deeper test of $835, but a rebound may see a return to key resistance near $845. Investors should remain cautious ahead of potential macroeconomic updates later in the week.
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