BNB cryptocurrency can be expected to fall further toward the next support level 755.00 (which stopped the previous impulse wave (1) at the end of September).
- BNB reversed from resistance zone
- Likely to fall to support level 755.00
BNB cryptocurrency recently reversed down from the resistance zone between the strong resistance level 807.00 (which stopped the previous ABC correction 2 in the second half of September, as can be seen from the daily BNB chart below) and the upper daily Bollinger Band. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Shooting Star, which stopped the earlier intermediate correction (2) – that belongs to the higher order impulse wave 3 from the second half of September.
Given the strength of the resistance level 807.00, the clear bearish divergence on the daily Stochastic and the weakening bullish sentiment seen across the crypto markets today, BNB cryptocurrency can be expected to fall further toward the next support level 755.00 (which stopped the previous impulse wave (1) at the end of September).