Technically Speaking – September 13, 2023


BNBUSD Weekly Chart – Click to enlarge.

$BNB and Binance have seen better days. Case in point: Last week’s close was the lowest in 2.5 years.

From an Ichimoku perspective, BNB is in one hell of an ugly position because there is zero support available.

The major danger zone for BNB bulls is a breach of the $200 value area. $200 is the nearest high-volume node in the Volume Profile, and if it breaks, price will move into the vacuum between $200 and the next high-volume node at $137.50. 

But, for whatever reason, bears have been unwilling or unable to push BNB over the edge. 📌


SOLUSD Weekly Chart – Click to enlarge.

None of the top ten cryptos by market cap have as big of an axe over their head as $SOL. FTX’s recent approval to liquidate means Solana is most at risk because it is the single largest altcoin held. 

Like BNB’s weekly chart, Solana’s is in a big-time danger zone and needs a slight shove before it faces a big ol’ collapse. 

And while there is no Ichimoku support present, the VPOC at $13.17 may act as a strong support level – but who knows? 

Additionally, there is hidden bullish divergence between price and the Composite Index – coincidentally, the Composite Index is at a historical support level. 👍


DOTUSD Weekly Chart – Click to enlarge.

$DOT looks like it fell off the ugly tree, hit every branch on the way down, and then everyone peed on it. 

Let’s take a look at all of the bad things about Polkadot’s chart:

  1. Down -92.87% from its all-time high. 
  2. On track for its lowest weekly close in over two years. 
  3. Seven consecutive weeks lower (eight if this week closes in the red).

There might be some near-term hope for DOT bulls; the Composite Index is tied with its all-time low, and there’s a big gap between the bodies of the weekly candlesticks and the Tenkan-Sen. 🐂

More in   Crypto

View All

Human Trafficking Scum Are Much Sad, $225 Million Worth Of Sad

In a landmark collaboration, Tether ($USDT) and crypto exchange OKX have teamed up with the U.S. Department of Justice (DOJ) to freeze a record $225 million in USDT, linked to a Southeast Asian human trafficking ring involved in global romance scams. 👊

This operation, announced on Nov. 20, represents the largest USDT freeze in history.

Read It

Technically Speaking – November 29, 2023

Congestion and consolidation all around – that’s the name of the game. 🎰

Unfortunately, things can’t always go Moon and Lambo; sometimes they pull back, and sometimes they park and bark. 

Read It

Technically Speaking – December 1, 2023

We’re looking at the beginning of another breakout higher or a very ugly, nasty fakeout. 🤷‍♂️

Today we’re looking at Cardano and Chainlink – two cryptos whose charts look much like the rest of the altcoin market. 

Read It