BNBUSD - 1D Chart Analysis
After a period in which it has crossed multiple times the 20 days Moving Average, the price of BNB has finally settled above this one on the 2nd of February and the bullish trend which has started was also confirmed by the green candlestick which has been created in the same day.
This growth of 2.7$ which means about 40% was caused by the increased trading volumes and signaled by the Stochastic's "fast" line which has been positioned above the "slow" one.
Although the RSI had a neutral position and it was not announcing any upcoming aggressive movement (which eventually happened), it has managed to show accurately the price's correction started on the 12th of February.
Today, after 3 days in which the price has lost part of it's ground, there are some circumstances that could lead us to a possible scenario in which the price will continue it's rally, as it follows :
* the MACD is still above the Signal line which indicates that the bullish trend has not yet ended;
* The trading volumes seem to be growing after being moderate for 3 consecutive days
If these 2 parameters will remain constant today, there are big chances for the price to finish the day above 8.89$ and to create a green candlestick.
As for the following days, there are only 2 possible scenarios :
1. The MACD will cross again the Signal line and it will be aligned with the other 2 indicators (the RSI and the Stochastic) which are announcing a possible drop. In this scenario, a reasonable target price can be considered 8.14$
2. The MACD will bounce back from the Signal line, it will continue to be positioned at the top and it will indicate the beginning of a period in which the price will move sideways, with a possible slight attempt of heading towards 10.44$
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