BNB/USDT 4HInterval Review CHart

I invite you to check the BNB chart on a four-hour time frame. We will start by marking the upward trend channel with blue lines, from which the price broke out at the bottom, and the price decline itself was close to the height of the previously defined channel.

Moreover, it is clearly visible that the lower end of the decline after leaving the channel is also the location of the current support zone.

At this point, it is also worth defining the downward trend triangle we are in with the yellow lines.

Next, using the Trend Based Fib Extension tool, we can determine an important support zone in case the price breaks out of the current triangle.

Looking the other way, we can similarly determine the resistance areas that the price must face. And here we see that currently the price must pass through the resistance zone from $217 to $221, then overcome the resistance at $233 to continue towards the resistance at $252.

The CHOP index indicates that there is energy to make another move, on the RSI indicator, despite a slight change on the chart, we have an upward movement but there is room for the price to go up, while taking into account the STOCH indicator, it is clear that we are approaching the upper limit, which may result in another recovery and only then a larger upward move.