Binance Coin has given up all its 2023 profits and some more. The bear momentum is set to continue.
Binance Coin Gives Up All 2023 Profits and Some More Bearish Pace Continues All Hopes Are on Bitcoin and US Dollar Strength Reversing
The US dollar makes victims in the cryptocurrency market. One example is Binance Coin or BNB.
He has given up all of his 2023 gains and some more, and the outlook is bleak.
The chart below tells a lot about what 2023 means for the BNB/USD rate. It all started with raising $16K to $30K in Bitcoin.
Naturally, as excitement in the cryptocurrency market increased by the day, other coins followed suit.
However, Bitcoin faced strong resistance at $30k. Failing to defeat him, he is still entrenched in the area.
But other coins did not strengthen the standards. Instead, they fell sharply to the strength of the dollar.
A combination of US dollar strength and lack of confidence in most currencies led to the sell-off. If last-stop bitcoin also gives up its gains for the year, the cryptocurrency market is set for another major sell-off.
So, all hopes are on Bitcoin and the US Dollar reversing.
BNBUSD Chart by TradingView
BNB/USD continues to form bearish patterns
After Bitcoin reached around $300 during the rally, BNB/USD failed to hold the levels. Moreover, it formed a triangle that acts as a reversal pattern (in red on the chart above).
Such triangles are often formed at the end of complex corrections. Nature suggests a complete reversal of the 2023 movement.
Also, the drop down to around $200 showed no sign of falling. Instead, the market formed two consecutive patterns.
If it breaks the $200 level, BNB/USD could see another leg lower, as bearish tactics suggest. BNB/USD should stop its bullish advance only if Bitcoin rallies and/or the dollar reverses its gains.
