Why BNB/USD triangle momentum stalled under $16

• Binance Coin recovery fizzles out at $16 amid the tightening bearish grip.
• The RSI movement towards 70 coupled with the right bullish volume could push BNB above $20.

Binance Coin recovery in November came close to $22 after breaking the resistance at $20. However, the impressive performance culminated in losses owing to the bearish market across the board over the last two weeks. The declines tested $14 to the south, giving way for the ongoing reversal.

The price is doddering at $15.50 and supported by the short-term EMA 50 on the 4-hour chart. The immediate upside is capped by the $16 crucial resistance. At the same time, the EMA 100 is hindering movement at $16.20.

The last week has seen BNB form a lower high and a higher low pattern. This created a short term symmetrical triangle. A break above the triangle resistance still struggles with the resistance at $16 in spite of the RSI movement above $50.

The volume is expanding but still is bearish, which…