BNB - 6h. Loss of the range of $585-600 and continued fall

17 May 2021

Hello colleagues! Considering the situation on the cryptocurrency market, today we decided to share our opinion on BNBUSDT. The weekend did not do any good for the BNB market at all. If recently the price of BNBUSD held up perfectly on the fall of BTC, and could move independently, this time we see a completely different situation.

Unlike the other strong crypto project ADAUSDT, the BNB price mirrored all BTC price movements too obediently.

The main problem that buyers could not cope with is the range of $585-600. Having lost control over this range on May 12, buyers could only confirm their weakness by arranging consolidation below the liquid range:

As we can see on the hourly timeframe, after the loss of the critical range, trading volumes fell sharply during the buyers' counterattack. And a new wave of decline on May 16 began at low volumes, which confirmed the complete absence of interested buyers in this range.

In general, the situation with trading volumes is rather bad. Looking at the daily timeframe, we can see that since April 24, daily trading volumes in the BNB market have dropped by half:

This fact allows us to assume that consolidation continues and the likelihood of a continuation of the fall to its lower border is quite high. As we can see on the daily timeframe, it was from this range that a new wave of growth began with the renewal of the historical high. We will update our forecast based on the activity of buyers in this range.

P.S. How did you cope with the weekend crash? Write your trading situations in the comments!
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