Hey friends hope you are well and welcome the new update on Binance coin.
As in my previous post on BNB, I showed that the priceline of BNB coin has formed different harmonic patterns in US Dollar market and the Bitcoin market as well. Now finally by the grace of Allah the most high the price action has moved up and surged more than 98% and both ideas are executed perfectly as per their Fibonacci sequences as below:
Previous article’s Gartley move with US Dollar pair:
Previous article’s BAT move with Bitcoin pair:
On small time period 4-hour chart, since 27 Sep the priceline was moving in a bullish pennant. Now finally it has broken out the resistance and likely to move down to retest the previous resistance of the pennant as support.
The priceline of Binance coin is moving above simple moving averages with the time period of 25, 50, 100 and 200 and using these SMAs as support very well before the next rally.
On long term weekly chart the priceline is moving in an up channel as below:
On weekly chart it can be observed after March 2020 the price line of BNB has surged more than 420% and broke out the ichimoku bearish cloud. At this time the lagging span of ichimoku cloud is moving above the price action and the cloud as well. The conversion line has crossed up the baseline and this bull cross is still in play below the candlesticks of Binance coin price chart. The Ichimoku cloud is also turned bullish.
Conclusion: All indicators and patterns from daily to long term charts are giving bullish signals. However, we should use the support of the up channel on weekly chart as stop loss to minimize the risk facor.
Thank you for your time and your charts. I will be holding my BNB as a result of reading your work.
Ward Weaire
Toronto, Canada