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Binance Coin: Significant 0.5 Fibonacci Resistance 1D (Apr. 22)X FORCE GLOBAL ANALYSIS: Binance Coin (BNB) is one of the most traded cryptocurrencies on Binance. In this analysis, we take a look at BNB's technicals to determine the probabilities for its next move. Bullish Evidence - We are trading in an ascending parallel channel on the daily, creating higher lows and higher highs - The Relative Strength Index (RSI) also shows higher lows and higher highs in an uptrend - The Moving Average Convergence Divergence (MACD) shows increasing bullish histograms after a golden cross - BNB has broken through and consolidated above the 0.382 Fibonacci level Bearish Evidence - The bullish histograms on the MACD are decreasing - We have seen tremendous bearish pressure shown by the bearish engulfing candles, indicating that bears might still be in control - On the weekly, we are trading within a descending wedge, creating lower lows and higher lows - BNB has been rejected by the 0.5 Fibonacci resistance - This could play out as a bear flag pattern What We Believe We believe that a break and close above the 0.5 Fibonacci resistance is essential for Binance Coin to continue its rally. A break below the channel support would confirm a new bearish trend, and a bear flag pattern playing out. Trade Safe.
by XForceGlobal
BNB (Y20.P2.E1).Looking for cluesHi All, Another good reliable ALT coin is Binance's BNB. I thought I have a look at how this utility coin is doing as it might shed light on BTC potential move and look for confluences over time. As you can see, it too is at the bottom macro trend line. I applied the possible triangle formation for either bullish or bearish and it seems we will have a bounce here which can give some relief. As I stated in my previous post, I am just going to sit back and watch until I see reason to enter for a quick short. Mind you, I'm still holding on the LINK and ETH to go long, until my threshold is breached. The WEEKLY chart it shows previously that we spent a few weeks on the trend line for BNB for bnb to bounce. This might be the case with BTC as well. Hence I will be patient and watch the weekly wicks. Please don't forget to give me a tick\like, as I would appreciate it. Regards, S.Sari (for my reference > macro.charts)
by ssari
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