- Binance Coin gave up all the 2023 gains and some extra
- The bearish momentum is set to proceed
- All hopes are on Bitcoin and a reversal of the US greenback’s power
The US greenback makes victims in the cryptocurrency market. One instance is the Binance Coin or BNB.
It gave up all its 2023 gains and some extra, and the perspective stays bearish.
The chart under tells a lot about what 2023 meant for the BNB/USD price. It all began with Bitcoin rallying from $16k to $30k.
Naturally, different cash adopted as the enthusiasm in the cryptocurrency market grew by the day.
However, Bitcoin met stiff resistance at $30k. It failed to overcome it and nonetheless consolidates round the space.
But different cash didn’t consolidate ranges. Instead, they declined sharply, falling to the greenback’s power.
A combo of the US greenback’s power and lack of religion in most cash led to the sharp selloff. If Bitcoin, the final one standing, additionally offers up its gains for the 12 months, then the cryptocurrency market is about to witness one other main selloff.
Hence, all hopes are in Bitcoin and a US greenback reversal.
BNB/USD retains forming bearish patterns
After it reached the $300 space whereas Bitcoin rallied, BNB/USD failed to maintain the ranges. Moreover, it shaped a triangle that acted as a reversal sample (in pink on the chart above).
Such triangles normally type at the finish of advanced corrections. Its nature advised a full reversal of the 2023 transfer.
Furthermore, the drop to the $200 space noticed no bounce at all. Instead, the market shaped two continuation patterns.
If the $200 stage offers manner, BNB/USD may see one other leg decrease, as the bearish patterns recommend. Only if Bitcoin rallies and/or the greenback reverses its gains ought to BNB/USD finish the bearish momentum.
