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BNB drops to this key confluence area but can bulls inflict a pivot?

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

BNB’s RSI was below 50 on H4 at press time, confirming bears’ leverage
Aggregated CVD spot and liquidations data confirmed the short-term bearish sentiment

Binance Coin’s [BNB] press time level was a good position for trend players. Notably, BNB faced correction after hitting the bearish order block of $339.6, giving sellers a good reason for entry.

But the drop hit a key confluence area of an ascending trendline and bullish order block, which could inflict a price reversal if demand increases.

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However, Bitcoin [BTC] struggled to stay above $28k at press time on the first day of the FOMC meeting. As such, BNB could witness more downward pressure until markets firmly price in the FOMC announcement.

Will the support hold?

Source: BNB/USDT on TradingView

The support zone of $315 – $320(cyan) is a bullish order block on the daily timeframe. The level was a crucial support in late March before it was flipped to resistance on 27 March. It maintained its position as a resistance level for three weeks before it was flipped again to support on 11 April.

In the second half of April, the level was retested thrice as support, ending with price rejections near the bearish order block of $339.6. If the trend repeats, a fourth retest could inflict another price reversal and rally toward $339.6.

It is worth noting that the ascending trendline resi

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Author: Suzuki Shillsalot

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