BinanceCoin [BNB] retests $315 as resistance, is it the right time to go short
. The futures market showed seller dominance as well. Long-term buyers would need to exercise caution, while lower timeframe traders might relish the volatility.On the daily chart, Binance Coin had a strong performance in October. The term “Uptober” can apply favorably to the latter half of the month as the price rallied from the $256 swing low to reach $360 on 4 November.
Binance Coin saw heavy volatility in recent days. 8 November saw BNB swing from a high at $398 to a low of $298. Since then, the price has broken beneath the range it traded within from August to October. The higher timeframe market structure was firmly bearish. Moreover, the $300-$315 area was retested as a resistance as well. The OBV saw a sharp dive in the recent wave of selling. The RSI retested neutral 50 as resistance as well, when BNB bears flipped $300 to resistance.
The $280, $260, and $240 levels were likely to be tested once more. Further south, the $210-$218 area could also see some demand arrive. Hence, buying at any of these levels can come with a lot of risk attached.The funding rate has been extremely negative in the past few days, with figures as high as 0.1%. This showed that the futures market participants were positioned heavily bearishly.
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