Binance coin known as BNB is one of the coins which has the most volume and has a very good potential in the coming time. The coin has been pretty much following the BTC movement, so a pretty same view would be for BTCUSDT.
Starting from the higher time frame which is Monthly, the price has formed a double top. Right now the price is very much close to the Neckline of it and it has been rejected very often from that. Now talking about the mentality, many would be waiting for a break of that which would induce sellers in the market and price might very likely manipulate them. So from this perspective, there is a good chance that the price might push further down and do a stop hunt of the neckline.
Moving down to the Weekly Time Frame, the price is showing a Wyckoff ReAccumulation schematic. The price at the moment seems to be unfolding a Spring or maybe sooner after grabbing liquidity. So following this perspective, it does have a little bit of potential to the downside, probably around 187$ from where a decent volume can be anticipated. As price needs fuel to move, liquidity is fuel for price. So as soon price grabs that, there shall/could be a good momentum.
Moving down to the Daily Time Frame, the price has just recently tapped into the Fair Value Gap and showed a good bearish momentum. Overall talking about the macrostructure and momentum, both are bearish. The price hasn’t shown any structure shift to the upside, nor a good bullish momentum. So considering this, it’s reasonable to go with the flow.
Talking about the 4 Hour Time Frame, the price is pretty much-showing weakness in sellers. In 4 Hours, the price was breaking structures to the topside, but as soon as it tapped the Daily fair value gap, the price did a change in character and a good bearish momentum emerged unfolding a shift in structure and momentum. Now recently price tapped into a demand zone and there is a possibility that it’ll keep pushing it to the upside for some time. If it drives back in the POI, LTF confirmations will be needed to get in for short positions.
The invalidation point is above the structural HIGH and the target is around $272.