BNB - rally to $500+ levels after inverted H&S ?
Hello,
I'm looking at BNB lately and I think it has a potential to once again reach its all-time high in the short-term if the overall market reversal to the upside is confirmed. We need BTC to do that and re-take $42,000 first.
Going back to BNB, during the last rally from March/April, the coin increased by 200 percent thanks it's solid fundamentals, but also to the fact it had some really nice, classic consolidation periods.
The first solid resistance was right below the $300 mark and we are already above that right now.
Next level to watch is $400 where a retrace can be expected just like back in early April. What is more, during last week's correction BNB rallied 40 percent up from its $290 low just to suffer a strong rejection at $400. The level is in line with the Fibonacci retracement at 38.20%
Next is $500 (61,80% Fibonacci retracement level) and so on. As you can see BNB really likes the round numbers, so if history repeats itself it can be a really easy trade to book.
There is also a big chance that we see an inverted head and shoulders formation on the 4-hour chart and this will be in line with the above-stated correction level and the multi-timeframe support
Regards
I'm looking at BNB lately and I think it has a potential to once again reach its all-time high in the short-term if the overall market reversal to the upside is confirmed. We need BTC to do that and re-take $42,000 first.
Going back to BNB, during the last rally from March/April, the coin increased by 200 percent thanks it's solid fundamentals, but also to the fact it had some really nice, classic consolidation periods.
The first solid resistance was right below the $300 mark and we are already above that right now.
Next level to watch is $400 where a retrace can be expected just like back in early April. What is more, during last week's correction BNB rallied 40 percent up from its $290 low just to suffer a strong rejection at $400. The level is in line with the Fibonacci retracement at 38.20%
Next is $500 (61,80% Fibonacci retracement level) and so on. As you can see BNB really likes the round numbers, so if history repeats itself it can be a really easy trade to book.
There is also a big chance that we see an inverted head and shoulders formation on the 4-hour chart and this will be in line with the above-stated correction level and the multi-timeframe support
Regards