Binance Coin: Where Is Bottom and How to Trade

Today, I offer you to look at a rather interesting coin. I'm talking about BNB which obviously has a strong project behind it.

From TA point, we have a possible trade opportunity. In the daily chart, the price reached the support at 500$. Bullish setups in the hourly and daily time frames allow us to open long positions which are absolutely logical at the strong support. MACD histogram supports and possible upward movement and RSI is not far from it. So, everything looks great for the buyers!

But... if we add the main sentiment of the crypto market to this coin, the bullish movement is not so reliable.

Yes, we have consolidation above the strong support. It may become a starting point for a new upward movement with the main target at the ATH or around it. But for this, the price has to break the local downtrend line and move above MAs. If so, we will have a strong bullish signal. If the buyers can't push the price upward, it will confirm the bearish sentiment in the market.

A breakout below the support will open the road to 450$ and MA200. Probably we will see a pullback from that support and new trade opportunities for buying. But at the same time, we should forget about the continuation of the bullish trend. The market will need much more bullish power to reverse the price and push it upward.

A breakout below MA200 will confirm the trend reversal and the bearish trend. Will it be possible to buy from 360$ and 320$ support? From TA point, I think we will have bullish setups, but if the price reaches these levels, we will talk much more about the bearish trend. Long positions will be possible main for swing traders. In order to start buying as position traders, we will have to wait for the strong trend reversal signals in the daily chart.

And about the bottom, I think it is 200$ support.