$BNB has recently collapsed out of the previous range and is trading significantly below the major moving averages. The structure has changed to bearish with a high downside movement.
Key takeaways:
Obvious lack of support to consolidation.
Intensive pressure to sell at the breakdown.
Major high volume support zone being tested at the moment.
Momentum deeply stretched
Former support now resists the bounce of any support. Rallies appear to be corrective until price recovers that level and the daily MAs.
To this point this seems to be distribution and continuation. Patience is key. Goodness,