Binance Coin (BNB) - monthly analysis, the time of truth.
Intro:
Being a good financial trader does not mean '' guessing '' the trend every time but being ready for any eventuality.
Market analysis:
The Wall Street market and BTC appear to be recovering after months of bear market. Even if we are not yet in a bull market, we can see how this downward correction phase in many cryptocurrencies is forming a '' Falling Wedge '', or a bullish pattern.
If in the coming days and weeks we continue to rise, we could finally say goodbye to this bear market that has lasted for almost a year in crypto.
Technical analysis:
1) If we break the falling wedge and the market, as mentioned above, goes upwards, even (BNB) will go to look for new highs.
2) The average 50 (orange line below the local low) at one month provided technical support to the price which if it rebounded would be a great show of strength of the medium-term uptrend.
3) There are two resistances:
a) Falling Wedge (the yellow outer band)
b) The front minimum point (red box) in the price range $ 330 - $ 377 so if the price breaks by finding a future support in that area (orange) or it breaks it decisively on the upside (green) we would officially be in a bull ran.
4) We used Fibonacci Ext. To evaluate the extent of the trend and find potential first upside targets.
$ 1k and $ 1.3k seem to be the closest and most rational targets.
Should the price be pushed back on the resistor (red) and the price will continue to fall looking for support in the $ 40 zone.
Conclusions:
We believe that the trend is changing to the upside and the bear market is ending, so we believe that a fall in the price is less likely. However we are still in the Bear market and we really have to get out of it.
We as LPI are continuing to accumulate in this price zone.
These are months of unrepeatable discounts in the crypto market, if we believe in the project or in the speculative potential we have to buy when the market is low!
Thanks for reading, if you liked it, put a like and leave a comment.
Good trading
LPI
Being a good financial trader does not mean '' guessing '' the trend every time but being ready for any eventuality.
Market analysis:
The Wall Street market and BTC appear to be recovering after months of bear market. Even if we are not yet in a bull market, we can see how this downward correction phase in many cryptocurrencies is forming a '' Falling Wedge '', or a bullish pattern.
If in the coming days and weeks we continue to rise, we could finally say goodbye to this bear market that has lasted for almost a year in crypto.
Technical analysis:
1) If we break the falling wedge and the market, as mentioned above, goes upwards, even (BNB) will go to look for new highs.
2) The average 50 (orange line below the local low) at one month provided technical support to the price which if it rebounded would be a great show of strength of the medium-term uptrend.
3) There are two resistances:
a) Falling Wedge (the yellow outer band)
b) The front minimum point (red box) in the price range $ 330 - $ 377 so if the price breaks by finding a future support in that area (orange) or it breaks it decisively on the upside (green) we would officially be in a bull ran.
4) We used Fibonacci Ext. To evaluate the extent of the trend and find potential first upside targets.
$ 1k and $ 1.3k seem to be the closest and most rational targets.
Should the price be pushed back on the resistor (red) and the price will continue to fall looking for support in the $ 40 zone.
Conclusions:
We believe that the trend is changing to the upside and the bear market is ending, so we believe that a fall in the price is less likely. However we are still in the Bear market and we really have to get out of it.
We as LPI are continuing to accumulate in this price zone.
These are months of unrepeatable discounts in the crypto market, if we believe in the project or in the speculative potential we have to buy when the market is low!
Thanks for reading, if you liked it, put a like and leave a comment.
Good trading
LPI