Binance Coin Price Analysis: BNB Bulls Eye $37 Level

Binance Coin Price Analysis: BNB Bulls Eye $37 Level

Binance Coin has seen a much needed 40% pullback stemming from the highs around 40,000sats at the beginning of June, down to current visible range support sitting at 25,000sats. Short term price action suggests we could see upwards movement that could very well propel BNB back into its key uptrend highlighted in the weekly analysis below.


BNB/BTC Weekly Chart
Binance

On the weekly chart for BNB/BTC we can clearly see the strong rising support has recently been broken. This rising support stems from the lows around Q4 of 2017, just as Binance Coin was starting to dominate the Crypto space. Typically during bull phases for Coins in Crypto, 40% ”re-traces” occur frequently in order to sustain such incredible growth. During the last few weeks for Binance Coin we have seen exactly that, resulting in the key uptrend being broken. Despite the key uptrend being broken, BNB is still trading within a healthy sideways range on the Weekly. 50MA resting on the 0.5fib at 24000sats highlights the bottom of this trading range. If this level is broken consider this a sell signal, adversely if this level holds consider staggering in entries.

Volume has remained steady throughout 2019 with little to no real fluctuations. This, accompanied by a clear pullback on the weekly RSI, indicates that the price action is simply going through a much-needed pullback to sustain the incredible growth BNB has seen over the last few years.  Weekly RSI appears to have formed a falling wedge type pattern, and will most likely break to the upside providing short term price action begins to regain momentum to the upside.

The most recent 40% move to the downside on BNB is undoubtedly a result of BTC’s most recent up-trend hindering growth. A gradual decline in price action for BTC would give BNB a chance to regain short term bullish momentum. More insight into where BTC could be heading over the next few weeks can be found in this recently posted analysis. It’s crucial to monitor BTC’s price action when trying to gauge entries or future price movements on BTC.

BNB/BTC 30-Minute Chart
Binance

Short term price action on the 30-minute chart has formed an asymmetrical triangle, which has broken to the upside within the last 6 hours. Rising support on the RSI supports momentum shifting to the upside. 200EMA, 50MA, and 20MA all cut directly through the breakout price of the triangle. This is a good sign that price levels could begin forming a strong uptrend from here.

I’ll be watching closely for price levels to regain rising support identified on the weekly chart around 36,000 sats. Meanwhile, the fib levels would make good target points and areas of resistance/support to watch out for.

Do you think BNB will regain the long term trend above 36,000 sats by the end of Summer? share your thoughts in the comments below!


[Disclaimer: The views and opinions of the writer should not be misconstrued as financial advice.  For disclosure, the writer holds Binance at the time of writing.]

Images courtesy of tradingview, Shutterstock

The post Binance Coin Price Analysis: BNB Bulls Eye $37 Level appeared first on Bitcoinist.com.

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