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Binance Coin: Ready 🙌With the low of wave (2) in magenta, Binance should have finished a longer descending phase. Thus, we expect the altcoin to advance significant upwards movement, heading for the resistance at $398.20. This mark should be conquered in due time, so that the top of wave (3) in magenta can be reached. However, a 30% chance remains that Binance could slip below the support at $220.50 and develop a new low in the form of wave alt.(2) in magenta before it can continue the ascent.
BINANCE:BNBUSD
by MarketIntel
#Binance Coin Priming for a Leg Up, will BNB Clear $300?Past Performance of Binance Coin BNB is solid at spot rates, printing positive higher highs as per the formation in the daily chart. As it is, buyers have the upper hand and have been soaking in the deluge of selling pressure. Even though the October 5 bar closed as bearish, it had a long lower wick pointing to strength during the NY session. #Binance Coin Technical Analysis BNB is bullish, adding roughly 14 percent from September 2022 lows. Most importantly, buyers are on the cusp of breaking above $300. A notable observation is that BNB bull bars are riding the upper BB, pointing to sustained upside momentum. Therefore, risk-off traders may search to accumulate on dips, targeting August 2022 highs at $330. Meanwhile, risk-on traders can wait for a conclusive breakout formation above $300, or September 2022 highs, before loading. Ideally, the break above, should buyers follow through, ought to be with increasing volumes. In that case, the leg up towards $330 may be sustained by high BNB demand. What to Expect from #BNB? The BNBUSDT candlestick arrangement points to buyers. Even so, there must be a convincing break above $300 to confirm the reversal from around the 50 percent Fibonacci retracement level of the June to August 2022 trade range. If buyers have the upper hand, the coin may recover. It will be a welcomed relief following ten tough months of sharp lower lows. Resistance level to watch out for: $300 Support level to watch out for: $280 Disclaimer: Opinions expressed are not investment advice. Do your research.
Long
by Bitcoin_Analyzer
#Binance Coin Recovers, BNB Prices May Rally to $300Past Performance of Binance Coin Binance Coin is in green at spot rates, adding four percent against the greenback. BNB gains may be attributed to market-wide gains over the last 24 hours. Despite these welcomed recoveries, sellers have the upper hand. BNB prices may break above critical resistance levels for trend continuation. Currently, the primary support lies at around $260, while resistance is at $300. #Binance Coin Technical Analysis BNB prices bounced from the 50 percent Fibonacci retracement level of the June to August trade range. The recovery mirrors September 7 bulls and reaffirms the significance of the $250 support—a multi-week accumulation line. While the September 22 bar is wide-ranging, volumes are comparatively low. Therefore, traders may wait for a follow-through above $280 and the middle BB. If buyers flow back, risk-off traders may look for long entries on dips above $250, targeting September highs at $300 and later $340. Conversely, a sell-off below $250 invalidates this bullish preview. What to Expect from #BNB? Overall, Binance Coin bulls are resilient. Losses of the past weeks were limited to around the 50 percent Fibonacci retracement level. If bulls build on yesterday's gains, BNB prices would likely expand to retest August highs in a buy trend continuation formation. Resistance level to watch out for: $280 Support level to watch out for: $250 Disclaimer: Opinions expressed are not investment advice. Do your research.
Short
by Bitcoin_Analyzer
#Binance Coin Bulls Upbeat, BNB Likely to Ease Past $242Past Performance of Binance Coin Like the rest of the crypto scene, the BNB coin is relatively stable and bullish in the short term. Considering the formation in the daily chart, traders expect more upsides in the short term as long as prices trend higher, above crucial support levels registered last week. Currently, prices are above the middle BB, and bulls are actively absorbing bear pressure. #BNB Technical Analysis BNB volatility is low, and prices are stuck within tight trade ranges, evident in the daily chart. Prices edged higher on July 5 and bulls can double down in subsequent sessions as long as prices are above $212. If prices print higher above $242, risk-averse traders may begin loading up with immediate targets at $335. This formation will unwind losses of mid-June and set the foundation for a possible swing towards April 2022 highs of $455. Conversely, if BNB unexpectedly slips below $212, BNB will likely post more losses, sliding to 2022 lows of around $185. What to Expect from BNB? Traders are bullish. Still, at spot rates, BNB has strong resistance at $242. A break above this level may propel the coin to key reaction levels in H1 2022, signaling the initial stages of price bottoming up after sharp downturns in the past few months. Resistance level to watch out for: $242 Support level to watch out for: $212 Disclaimer: Opinions expressed are not investment advice. Do your research.
Short
by Bitcoin_Analyzer