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As the altcoin market reflected a shift in momentum toward the buyers, Binance Coin (BNB) flipped its two-month trendline resistance to support. The alt has been rangebound within the constraints of its reversal pattern for over a month now.
With the price jumping the basis line (green) of the Bollinger Bands (BB), the buyers kept near-term control. A sustained position above the basis line could aid the buyers to invalidate the potential bearish inclinations.
At press time, BNB was trading at $269.6, up by 5.59% in the last 24 hours.
Dnevni grafikon BNB-a
Izvor: TradingView, BNB/USDT
Since losing the $320-$326 range in early May, BNB saw a splurge in the selling pressure as it continued its southbound journey. As a result, it poked its 16-month low on 18 June. Since then, the alt transposed into an up-channel on its daily chart.
Should the pattern reignite any reversal tendencies, a short-term drawdown could occur. A bearish outcome would expose the alt to a potential test of the lower trendline of the up-channel. Any decline below this mark could cause a retest of the $216-$219 range.
To affirm this outcome, bears would need to enforce a close below the basis line of the BB. Any rebound from the basis line of BB could lead to an extended up-channel trajectory.
Should the buyers continue to heighten their pressure, the alt would strive to close above the 38.2% Fibonacci resistance in the coming sessions. A compelling close above the $271 zone would boost the probability of an upswing toward the 50% Fibonacci level.
Obrazloženje
Izvor: TradingView, BNB/USDT
The daily Relative Strength Index (RSI) exhibited a slight bullish edge while reversing from its trendline resistance. This trajectory has affirmed a bearish divergence with price.
Similarly, the On-Balance Volume’s (OBV) lower peaks reiterated a bearish divergence in this timeframe. However, the ADX depicted a substantially weak directional trend for BNB.
zaključak
Given the bearish divergences on the indicators and the up-channel setup, BNB could see a slight setback. But a close above the 38.2% Fibonacci level would disregard the bearish inclinations. In either case, the targets would remain the same as discussed.
Konačno, praćenje kretanja Bitcoina i šireg raspoloženja bilo bi važno za dopunu gore pomenute analize.
Source: https://ambcrypto.com/binance-coin-bnb-investors-can-capitalize-on-these-entry-triggers/