Back in February, Binance coin found the bottom at the 78.6% Fibonacci retracement level, that is $5.58. Since then price has been steadily rising, producing higher highs and higher lows. The recent correction from the $16.3 high, resulted in a decline towards the $12 support, where the uptrend trendline has been rejected cleanly.
The BNB/USD trend remains bullish, and after todays' encreased trading volume the price seems to be ready to continue moving higher from this point. The strong resistance is seen at 23.6% Fibs that is $18.5 and could be reached in a relatively short period of time. Break above that resistance will most likely result in a much stronger growth, while rejection would trigger a correction down.
On a downside, break and close below recent low, that is $11.6 would invalidate bullish outlook and could result in a extended consolidation or even a decline towards the $8 area.
The BNB/USD trend remains bullish, and after todays' encreased trading volume the price seems to be ready to continue moving higher from this point. The strong resistance is seen at 23.6% Fibs that is $18.5 and could be reached in a relatively short period of time. Break above that resistance will most likely result in a much stronger growth, while rejection would trigger a correction down.
On a downside, break and close below recent low, that is $11.6 would invalidate bullish outlook and could result in a extended consolidation or even a decline towards the $8 area.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.