Binance Coin / TetherUSUpdated BNB has broken $600 mark. Time for a pullback or another leg up!
So, BNB has finally crossed $600 mark within no time. It was just last week, when I wrote my previous analysis for BNB and it was trading at around $340 at that time. It has been climbing real fast.
What now ? Is it a time for a pullback or do you see another leg up ? share your views
In my opinion, RSI is overbought for the fifth time now, MACD and signal lines are far apart. Also, the price has broken upper bollinger band. Volume has seen a good spike up. It should see a pullback soon. May be could visit $500 to $600 areas, accumulate and move further upwards. On the other hand, if the volume keeps on increasing it might break the next psychological level of $650, $675 or even $700. Who knows, it's a free territory for BNB.
For trading setups, I would say " BNB is in price discovery at the moment which makes prediction difficult, at this point it would be risky to go long" . Wait for a pullback, a confirmation and then fill your bags, if you want to. Markets discount everything. Remember that :D
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What now ? Is it a time for a pullback or do you see another leg up ? share your views
In my opinion, RSI is overbought for the fifth time now, MACD and signal lines are far apart. Also, the price has broken upper bollinger band. Volume has seen a good spike up. It should see a pullback soon. May be could visit $500 to $600 areas, accumulate and move further upwards. On the other hand, if the volume keeps on increasing it might break the next psychological level of $650, $675 or even $700. Who knows, it's a free territory for BNB.
For trading setups, I would say " BNB is in price discovery at the moment which makes prediction difficult, at this point it would be risky to go long" . Wait for a pullback, a confirmation and then fill your bags, if you want to. Markets discount everything. Remember that :D
For more trading ideas, follow us
Happy Trading
Note
Bearish spinning top forming, waiting for the 4hr confirmation for the pullback
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.