$BNB chart is serving up a classic bearish pennant right now, and it might have one more trick up its sleeve before heading lower.
After sliding all the way from $900, price tagged a major 700-day Point of Control around $582 and bounced. That's given us roughly a 7% lift so far but don't read too much into it. The overall structure still looks heavy.
What we're looking at now looks like a textbook bearish pennant.
So don't be surprised if we see a grind up toward $640 in the near term. That would be the perfect setup to trap some late longs before the next leg down.
If that plays out and sellers step back in, first downside target sits around $520 that black box zone on the chart is the one to watch. But if broader weakness accelerates, the deeper "max pain" scenario points toward the November 2022 bear market high near 381. That's the line in the sand if things really turn.
Bottom line: until 640 gets decisively flipped, this is still corrective price action, not a trend reversal.
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