BNB/USDT Review CHart

I invite you to review the chart of BNB in pair with USDT, also on a one-hour time frame. First, we can use the blue lines to mark the downward trend channel in which the price has been moving since the last correction.

In order to check the current support areas, when the correction begins to deepen, we will unfold the Trend Based Fib Extension grid and we can determine the first support for the price at $225, and then it is worth defining an important support zone from $221 to $218.

Looking the other way, we can similarly mark places where the price should encounter resistance on the way up. And here you can see the resistance zone from $230 to $231, which effectively stopped the price increase, while if we manage to break out of it, we have a second zone from $234 to $237.

The CHOP indicator shows energy for the next move, the RSI indicator is recovering with room for a larger correction, while the STOCH indicator is moving at the lower border, which may result in a temporary sideways trend.