Last night, I was staring at the one-hour chart of BNB and found a key turning point forming. I must clarify this with everyone today. The market won't simply repeat, but will always carry the same rhythm.
The K-line chart hides the 'door of life and death'.
At the current price, there are two major mountains to climb upwards:
930 resistance level: Can we break through today? If we break through, short-term sentiment can reverse.
977 High pressure: That is the 'starting point' of this wave of decline. Want to go back? It's not that easy, it requires more energy.
Looking down, there are also two lifelines:
873 Support: This is the first position to 'pay attention to longs', quite critical.
838 Bottom Support: This is the last line of defense. If it falls to here, the rebound strength may be stronger.
My view is: the market is unlikely to drop directly to 838. In the short term, it is more likely to oscillate repeatedly in the 906-930 range, washing out the weak hands. Here, short-term experts can try to catch a wave of rebound, but remember, it is just a rebound.
The human game behind liquidation data.
Take a look at the liquidation data, it's very interesting:
In the last 24 hours, liquidations amounted to 2.53 million, with long positions liquidating 2.08 million! This indicates that during the decline, many retail investors are still blindly buying the dip and getting buried.
However, looking at the 1-hour data, short positions are also starting to get liquidated. This often indicates that the bearish force may be exhausting in the short term.
The market always strangles the consensus of the majority. When most people think it will drop further, opportunities may be brewing.
Is BNB's recent drop a bull turning back or a bear starting? From a long-term perspective, it has still risen nearly 30% since the beginning of the year, and the fundamentals (Binance ecosystem) remain the strongest. However, in the short term, it needs time to repair emotions and charts.
The next core focus:
Can it form a solid 'W bottom' in the 873-906 area? If so, challenging 977 or even the previous high will become possible. If it can't hold, 838 will face a severe test.
The market is always changing; the only constant is human nature's pursuit of greed and fear. Shengyi will continue to monitor the market, and at key turning points, I will share my judgments in the village at the first moment.
There are no gods in the crypto world, only teachers with a good mindset. If you don't know what an effective breakout or a 10x coin is, follow Shengyi and join the village to get started!
