BinanceCoin VS Bitcoin Trending North
The Binance coin is clearly trending upwards, within the ascending channel. Fibonacci applied to the corrective wave occurred during the period of 03.04-18.04, shows that the 261.8% resistance has been reached and rejected.
This has resulted in BNB/BTC correction down from the btc 0.00265 resistance down to the btc 0.00225, where price rejected the lower trendline of the ascending channel. To talk about the uptrend continuation at this point would be far too early, because the fact is that the resistance was rejected.
Therefore, the consolidation period could start where price will range between 161.8% Fibs at btc 0.00218 and resistance 261.8% fibs at btc 0.00265. It is important to watch these levels and break above or below should shed some light on further intentions of the Binance Coin.
This has resulted in BNB/BTC correction down from the btc 0.00265 resistance down to the btc 0.00225, where price rejected the lower trendline of the ascending channel. To talk about the uptrend continuation at this point would be far too early, because the fact is that the resistance was rejected.
Therefore, the consolidation period could start where price will range between 161.8% Fibs at btc 0.00218 and resistance 261.8% fibs at btc 0.00265. It is important to watch these levels and break above or below should shed some light on further intentions of the Binance Coin.
Trade closed: target reached