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Afternoon market analysis on the 5.5th.
Technical analysis shows that the daily chart has closed in the red for two consecutive days, with the morning closing forming a long upper shadow and a long-bodied red candle, indicating that bears dominate at the daily level and the short-term trend is weak. Meanwhile, the moving average system is declining, and the MACD indicator is showing an overbought signal and is likely to form a dead cross, suggesting that the risk of a downward trend in the larger cycle still exists.
From the 4-hour chart, after the BNB price peaked and fell back, it has continuously broken below the lower Bollinger Band. Although it is fluctuating within a box range, the short-term performance is weak. Currently, it is important to focus on [specific support level 1] and [specific support level 2]; if these are effectively broken, the downward space will open up. Before breaking key support, it is recommended to adopt a high-sell low-buy short-term strategy while paying attention to the strength of intraday rebounds.
The KDJ indicator's dead cross is expanding downward, the MACD double lines and histogram are showing a trend towards forming a dead cross, and trading volume is gradually increasing. The bearish pattern on the daily chart remains unchanged.
Last week, spot ETF funds continued to flow in, limiting the decline of BNB. Non-farm data exceeded expectations, pushing the price to refresh the stage high, but the Federal Reserve maintains a firm stance on high interest rates, and other economic data is underperforming. Therefore, the operation should still focus on shorting at highs, closely monitoring market trends and changes in key support levels.
