BNB looks more like a pump and dump followed by a sell-off
I'm leaning bearish on BNB for the 4-hour chart, but not chasing shorts around 642.
From a Wyckoff structure perspective, we saw a move from 628 to 745, but the high range of 722-745 didn’t break out with volume, and then we got hit with a series of red candles, resembling a pump and dump followed by a sell-off.
Short-term focus:
657-666: First short entry
675-690: Second short entry / key resistance
628-633: Support zone
As long as we can’t reclaim 690, the bearish structure remains intact.
If we effectively break below 628-633, we’re looking at 610 / 592 below.
The news is also leaning weak, with BTC and ETH both retracing, and market liquidity is clearly more cautious.
In a nutshell:
Now is not the time to chase shorts on BNB; it’s about waiting for a pullback to short. $BNB
I'm leaning bearish on BNB for the 4-hour chart, but not chasing shorts around 642.
From a Wyckoff structure perspective, we saw a move from 628 to 745, but the high range of 722-745 didn’t break out with volume, and then we got hit with a series of red candles, resembling a pump and dump followed by a sell-off.
Short-term focus:
657-666: First short entry
675-690: Second short entry / key resistance
628-633: Support zone
As long as we can’t reclaim 690, the bearish structure remains intact.
If we effectively break below 628-633, we’re looking at 610 / 592 below.
The news is also leaning weak, with BTC and ETH both retracing, and market liquidity is clearly more cautious.
In a nutshell:
Now is not the time to chase shorts on BNB; it’s about waiting for a pullback to short. $BNB