The criteria for an additional drop from our last analysis were met, BNBBTC closed below EMA50 and the price continued falling and found support at EMA200 (orange line).
Now, let's take a fresh closer look at the Binance Coin vs Bitcoin (BNBBTC) chart and see where Binance Coin is headed.
Feel free to hit like to show your support.
Binance Coin vs Bitcoin
So our last ABC Correction was too small, I had the feeling that maybe it was too soon, we have confirmation that this is true now.
Above you can see an updated view of the chart and the following:
After finding support around 0.00277 BNBBTC quickly started to move up and broke all major resistances in the form of EMA10, 50 and 100.
We can see a massive increase in trading volume and the RSI crossing to the bullish zone. Great momentum.
Last year people bought Binance Coin when Bitcoin moved down. We have Bitcoin retracing now and lots of momentum on the BNBBTC pair. If Bitcoin continues to drop, you can expect BNBBTC to move higher, also, BNBBTC can move higher even if Bitcoin stops retracing... They are correlated but doesn't mean that these two necessarily need to move inversely.
The chart above is super bullish. You can expect additional bullish action as long as BNBBTC keeps trading above EMA10.
A full candle close below EMA200 (orange line) on the daily time frame can be used as a stop loss for a trade.
This is a general update.
Thanks a lot for reading.
Namaste.
Previous analysis:
Comment
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We remain bullish. We follow the same arrow as drawn on the chart.
Hey Alan ... def was super bullish!!! What about now? a bit of retracement to 27/28 or even 22 (doubt it)? For how long? curious what you think here :)
AlanSantana
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@llegendd, We remain bullish. We follow the same arrow as drawn on the chart.