Binance Coin (BNB) price action examined in relation to Bitcoin

Resistance is being challenged. It is safe to say that this is the last barrier before a major high. If BNB confirms a new uptrend, this would give further strength to our cryptocurrency marketwide bullish bias.

It's been 98 days since the 6-February low. The highest price after this low happened 16-March. Yesterday and today this level is being challenged for the first and a break would open a price between $760-$790 right away.

In March, after the current resistance range was activated a rejection quickly followed. This time multiple candles remain active around this level.

Just to match Bitcoin, BNBUSDT needs to reach a price around $860, and here we can see how Binance Coin has been lagging behind.

Question:

Should we take a lower BNB as a bearish signal for Bitcoin, or, a higher Bitcoin as a bullish signal for BNB?

Context:

» Bitcoin also produced a retrace mid-March, the end of this retrace appeared 29-March as a very strong higher low. Then Bitcoin started to rise until resistance was found in the $80,000 to $83,000 price range.

» BNB ended its retraced 2-April as a double-bottom compared to 6-February. After this double-bottom it started to grow again until now that resistance is being challenged.

Answer:

Here we can see how BNB is following the same pattern but with a small delay. So we can take Bitcoin trading higher as a bullish signal for BNB. Therefore, we can expect BNBUSDT to soon trade above $800, and while and when this happens, we can expect growth across the entire altcoins market.

Binance Coin will continue to grow.

There can be some additional struggle around the current level but we can prepare for a price above $800 in the coming weeks and even higher in the coming months.

$1,200 is the main target for this bullish wave. Even higher is possible though. This chart setup can be used to secure an awesome trade.

Namaste.