$BNB in a consolidation process - Testing $25 support
BNB, along with Litecoin, had one of the most spectacular beginnings of the year in the crypto space. Especially after such a strong bearish market in 2018, the Binance coin increased more than 600% in the first six months of the current year.
Several weeks ago, MACD divergences started and decreasing OBV levels took over its chart to consolidate previous gains. A retracement of almost 40% of its highest point took place. Now, the area of $25 seems to be the floor that where the price can head back up.
However, if the bearish channel continues its way down and breaks $25, the price will be very likely to reach $20.
A way to pinpoint bounces on supports, either pull-backs or trend reversals, is by using the Cryptohopper OBV, this indicator generates buy and sell signals with the crossover of the OBV line and its exponential moving average (EMA). Once that the OBV line is above its EMA, the price and volume are trending up altoguether.
Several weeks ago, MACD divergences started and decreasing OBV levels took over its chart to consolidate previous gains. A retracement of almost 40% of its highest point took place. Now, the area of $25 seems to be the floor that where the price can head back up.
However, if the bearish channel continues its way down and breaks $25, the price will be very likely to reach $20.
A way to pinpoint bounces on supports, either pull-backs or trend reversals, is by using the Cryptohopper OBV, this indicator generates buy and sell signals with the crossover of the OBV line and its exponential moving average (EMA). Once that the OBV line is above its EMA, the price and volume are trending up altoguether.
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-Cryptohopper-
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