Binance Coin has kissed our support showing it some much needed love before price bounced to perfection from this trend line which is based on the weekly timeframe.
Now that the bounce is confirmed, it is important for this daily candle to close as a bullish engulfing one to give us more confidence in the bounce and push towards our resistance around $450.
I don't exclude another bounce on this support, but this drop in price was quite sharp, so now that momentum has turned and the short term trend is positive, I can totally see up push higher instead without a re-test.
The indicators are bullish and curving up, so buying this support was a great entry if you took it. 4h indicators are sexy with a bullish divergence and daily indicators want to curve up, but need more time. Buying here was a great risk/reward ratio.
We could do with a bit more volume, but we got to be patient. For now my short term bias is bullish and we can re-assess once we hit our resistance.
Great graph plotted here and I totally agree with your opinion. But I am skeptical as the market seems to follow in the footsteps of BTC. If BTC does make a move towards its support as you have indicated here, Binance coin will follow suit and if BTC does break below that support, I fear Binance will disregard this support it just bounced off and drop even lower.