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BNBUSD reversed after making contact with a bearish mitigating block at $316.0 on November 26. A shift in market structure confirmed the reversal at the key level. Following the market crash, bulls attempted to fight back. The buyers launched from $254.0. To offset the counter-trend move that began at the $254.0 demand level bears shorted strongly at the $316.0 level. The market moved to the level of demand after a test of the mitigation block without any constraints. The sellers once again exerted their dominance. The price is now above $254.0 within a bullish order block’s region.
Supply Levels: $316, $336, $360
Demand Levels: $254, $240, $220
What Are the Indicators Saying?
From September to early November, there was a period of consolidation. The Parabolic SAR (stop and reverse) consistently formed nearly equal points below and above the daily candles. The daily candles were led by the Parabolic SAR from $360.0 to $254.0 after a major rejection appeared in early November. Even now, the Parabolic SAR is bearish. Additionally, the RSI (Relative Strength Index) has not yet veered into the oversold zone. There is still room for a further decline in the price. The Parabolic SAR agrees with the RSI. The demand level at $254.0 is expected to face a second test. This might lead to the failure of the bullish order block. The force of Bears might cause a dip towards $240.0. Liquidity lies in the lower zones at $220.
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