Hello everyone, my name is Akinabourse and I find you in this new episode ofe “360 ° Binance Coin (BNB)”. Return to an uptrend or a simple range before a new fall? We start without further delay.
A slow bullish recovery
The $ 400 is materialized by the last top which marks the BMS (Break of Market Structure). If this level breaks this would allow the course to break the short-term downtrend and consider a more sustained rise. As long as the latter holds, the trend of CT remains bearish and therefore shorts are favored. This area is being broken, a good sign for a possible bullish continuation. Be careful to wait for the closing to validate this scenario!
In 4 hours, the price breaks the ROB (Oblique Resistance) which was blocking until now as well as the BMS (Break of Market Structure). If this area breaks, I don’t see how the price won’t go up to $ 460 or $ 500. Resistance and OB (Order Block) zone.
If this BMS does not hold and the price flips then a return on the first OB then the second seems inevitable. Then it will be necessary to see if the previous trough is saved or not. If so, the uptrend can still be considered.
The price ranges in the form of a triangle that it wants to break from the top. Beware of a false breakout from the top which would lead the price to a final breakout from the bottom of the triangle.
In the short term everything looks green!
If we zoom in 1 hour, we contate a breakout of the resistance at 390 $ but also of the moving average at 400 $.
For the rest, everything is bullish. The other MAs (Moving Averages) are bullish and support the price. Resistance becomes support.
That’s it for this “Binance Coin (BNB) 360 °” market review. Remember never invest more than what you can afford to lose and most importantly, LEARN MORE. Good trade and see you next Friday for a new Bitcoin article!
Passionate about technical analysis and technology, I have been diligently following cryptocurrencies since 2017.
Beyond trading and investing, I try to democratize, in my own way, the ecosystem that will undoubtedly change our habits of tomorrow!
The comments and opinions expressed in this article are those of the author alone, and should not be considered as investment advice. Do your own research before making any investment decisions.