Binance Coin VS Bitcoin Potential Correction
Binance coin clearly trading upwards, while producing higher highs and higher lows. But yet, it seems that the correction downwards could be extended more, where price will break the previous low, which should result in further decline.
Price broke the uptrend trendline, nevertheless, after the breakout it found the support at 427.2% Fibonacci retracement level applied to the corrective wave up after the trendline breakout. The 14440 satoshis support has been rejected cleanly and price went up, towards the 20k resistance area. This is the point where the trendline break occurred.
The interesting statistics is that BNB/BTC tend to decline in 60 day periods, and soon the time for corrective move should end, based on the past performance. It will be important or BNB to break above the 20k resistance with confidence, preferably with the weekly close above the 20.6k high, where the uptrend trendline has been rejected. In this case Binance coin is likely to re-test the 26.5k satoshis high and even produce a new all-time high.
On the downside, if the current resistance will hold, the correction down should be extended, and price should move down towards the 15.5k support area. But only break and close below the 14k satoshis could result in the change in trend, where the downtrend could start.
Price broke the uptrend trendline, nevertheless, after the breakout it found the support at 427.2% Fibonacci retracement level applied to the corrective wave up after the trendline breakout. The 14440 satoshis support has been rejected cleanly and price went up, towards the 20k resistance area. This is the point where the trendline break occurred.
The interesting statistics is that BNB/BTC tend to decline in 60 day periods, and soon the time for corrective move should end, based on the past performance. It will be important or BNB to break above the 20k resistance with confidence, preferably with the weekly close above the 20.6k high, where the uptrend trendline has been rejected. In this case Binance coin is likely to re-test the 26.5k satoshis high and even produce a new all-time high.
On the downside, if the current resistance will hold, the correction down should be extended, and price should move down towards the 15.5k support area. But only break and close below the 14k satoshis could result in the change in trend, where the downtrend could start.
Trade closed: target reached