Binance Coin could move toward $300 and $316, or below…

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Bitcoin struggled to hold on to the $20.8k level a couple of weeks ago. The increased selling pressure saw BTC fall to $19.5k, then retest the $20.4k region for liquidity.

The short-term structure had a bearish look, and the price has already tested the liquidity near the $19.8k area. Based on price action, a move upward could materialize across the market.

Binance Coin has also traded in the $276 demand zone for a significant portion of the past week. Could BNB also push toward the $300 zone in search of liquidity?

Source: BNB/USDT on TradingView

BNB appeared to form a descending triangle pattern from mid-August to the time of writing, as it made a series of lower highs from $315.

At the same time, the price formed a decent base at $270-$275. Based on this observation, we can conclude that a drop below $272 and a retest of the same level as resistance would likely see BNB fall further, toward $240.

Going back to mid and late July, the $270 zone (cyan box) has been significant as both support and resistance. In the past couple of weeks as well, the same zone has resisted the advances of the bears.

On the 4-hour chart, the momentum has sided with the bears, per the RSI. The momentum indicator has been unable to stay above neutral 50, nor has it succeeded in climbing past the 60 value to signal bullish strength.

The OBV has steadily dropped as well to highlight selling pressure. A bullish crossover on the Stochastic RSI suggested a minor bounce could occur to test the descending trendline as resistance.

Source: BNB/USDT on TradingView

Successive tests of a zone of demand are likely to