✴️ Binance Coin Consolidation Phase Still Ongoing
As with many Altcoins, Binance Coin is undergoing a long-term consolidation phase with a wide trading range.
The main low (bottom low) happened June 2022 and this lead to a recovery rally and the ensuing recovery phase.
The second low (marked here as "low" or #1) happened December 2022 and here another bounce happens to pushes prices toward the "resistance" range on the chart.
Last month we have another low marked as #2 which matches perfectly #1, giving us a "double bottom" pattern which can easily lead to a new bullish wave.
While this price action is taking place, the RSI went oversold/weak each time the support level was hit.
In June 2023 the RSI hit its lowest level and is starting to recover.
Since the RSI went lower in June 2023 vs June 2022 while Binance Coin's price is higher June 2023 vs June 2022, we have a hidden bullish divergence. I mention this signal because it gives further support to the analysis above.
We also have a three consecutive sessions closing green, 29, 30 June and 1st July, forming the "three white soldiers" pattern, which is a bullish formation.
When this pattern shows up we get a small retrace and then a jump, if the pattern is successful.
Prices are now trading above EMA10 which is another signal in favor of bullish potential short-term.
Binance as a company is going through lots of trouble though and judging by how they run their business, the delisting schemes and market manipulation (they hurt us badly with those), it is wise to go for other coins.
There are many good options in this market.
The choice is yours.
This is not financial advice.
Namaste.
The main low (bottom low) happened June 2022 and this lead to a recovery rally and the ensuing recovery phase.
The second low (marked here as "low" or #1) happened December 2022 and here another bounce happens to pushes prices toward the "resistance" range on the chart.
Last month we have another low marked as #2 which matches perfectly #1, giving us a "double bottom" pattern which can easily lead to a new bullish wave.
While this price action is taking place, the RSI went oversold/weak each time the support level was hit.
In June 2023 the RSI hit its lowest level and is starting to recover.
Since the RSI went lower in June 2023 vs June 2022 while Binance Coin's price is higher June 2023 vs June 2022, we have a hidden bullish divergence. I mention this signal because it gives further support to the analysis above.
We also have a three consecutive sessions closing green, 29, 30 June and 1st July, forming the "three white soldiers" pattern, which is a bullish formation.
When this pattern shows up we get a small retrace and then a jump, if the pattern is successful.
Prices are now trading above EMA10 which is another signal in favor of bullish potential short-term.
Binance as a company is going through lots of trouble though and judging by how they run their business, the delisting schemes and market manipulation (they hurt us badly with those), it is wise to go for other coins.
There are many good options in this market.
The choice is yours.
This is not financial advice.
Namaste.
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