Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- BNB bounced from range lows but was blocked at mid-range.
- Buyers gained more control as per rising Cumulative Volume Delta (CVD).
On Friday, 11 August, Binance Coin [BNB] hit the range-lows near $238 and became attractive to bulls, given the discounted prices. However, it could not cross the mid-range by the time of writing, as Bitcoin [BTC] overstayed below $29.5k.
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Since 11 August, BNB has recorded daily candlestick sessions close below the mid-range, reinforcing the mid-range as a key hurdle derailing further upside.
The mid-range hurdles
Since late July, BNB has oscillated between $236 – $245. A daily bearish order block (OB) of $247 – $253 (red) exists beyond the range-high ($245). Any deviation beyond the range-high has seen rejections at the daily bearish OB. So, the $245 – $253 is a bearish zone.
The range-low aligned with an H12 bullish OB of $236 – $239 (blue), cementing it as a key bullish and demand zone. BNB has fronted a rebound at the zone three times, with each rebound tipping it to hit the range-high ($245) or above.
However, the fourth retest, seen at the time of writing, has been constricted at the mid-range of $241. Unless BTC forays above its range-low of $29.5k, the mid-range of $241 could delay recovery towards $245.
Conversely, a bearish breakout could ease at t
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Author: Benjamin Njiri
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