Fibonacci levels plot levels to watch out for around the $300

BINANCE:BNBUSDT   Binance Coin / TetherUS
The $315 and $300 levels of resistance and support respectively have been important on the lower timeframes. Over the past 48 hours, BNB has declined from the local highs at $316.3 to trade at $308.5, at the time of writing.

On the 6-hour chart, the RSI was unable to climb above neutral 50, showing the persistence of the bears. Over the past week, the trading volume was low as well. This came at a time when BNB retested the $300 level.

With Bitcoin facing rejection from beneath the $27.8k resistance on Monday as well, it appeared likely that more losses were in store for the crypto market this week. If Binance Coin were to slip beneath the $295-$300 area, the Fibonacci extension levels highlighted some key areas to watch out for.

The 50% and 61.8% extension levels would likely be tested upon a move beneath $295, with the 23.6% level at $289 also expected to serve as minor support.

Meanwhile, a move above $316.3 would signify a break in the bearish market structure. Thereafter, buyers could begin to exert their will, but this was the less likely scenario.


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