Binance-Coin, Descending-Channel, Breakout Potential!

Hello,

Welcome to this analysis about Binance-Coin and the 4-hour timeframe perspectives. In recent times a dispute between Elon Musk and CZ Binance came across in which CZ Binance is accused by Elon Musk of not handling the exchange right and that the issue with dogecoins that can not be withdrawn from the exchange is "pretty shady", well since these suggestions actually Binance-Coin the exchange-own cryptocurrency by Binance bounced in the structure and is now in quite an interesting constellation, therefore I discovered all the important levels and upcoming determinations we need to consider with Binance-Coin and the established structure, upcoming determinations, and target-projections when this pivotal formation completes.

As when looking at my chart we can watch there how Binance-Coin is building this major descending-channel-formation with several bounces within this formation and recently Binance-Coin bounced to the upside to test the upper-boundary of this main descending-channel together with the 600 USD resistance marked in my chart in orange. This will be a decisive development because when Binance-Coin manages to bounce finally above this upper-boundary this local ascending-channel will be completed as well as the descending-channel-formation with a bounce to the upside which will activate upper-target-zones and the 690 USD level marked in blue will be a likely projection to be appointed in this case.

Taking these factors into consideration Binance-Coin is forming quite an interesting and worthwhile formational structure here that can show up with some determining potentials ahead of the upcoming times. In this case, for now, it will be important to await the final breakout before moving into the direction and coming to further conclusions as it is always necessary in such cases. Once this breakout happened and Binance-Coin has the ability to move forward with it to reach out to the target-zone the situation needs to be elevated anew and Binance-Coin needs to show if it manages to continue forward or a reversal emerges, it will be an important development ahead.

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Information provided is only educational and should not be used to take action in the markets.