Analysis
Binance Coin (BNB) breaks out after a bullish pattern formation
Binance Coin (BNB) completed a double bottom and then broke the descending resistance line.
The BNB is currently trading along a short term ascending support line and trading above the horizontal support area of $ 315.
BNB does double bottom and breakout
On May 23rd and June 22nd, the NBB completed a double bottom pattern within the USD 240 support area, which was combined with bullish divergences in the MACD, RSI and the stochastic oscillator.
On July 3rd, the price broke above a descending resistance line. To date, it hit a local high of $ 340 on July 7th.
The closest resistances are at $ 395 and $ 452. Those targets are the 0.382 and 0.5 Fib retracement resistance values.
BNB / USDT daily chart | Source: TradingView
Short-term movement động
Trader @TradingTank has sketched a chart from BNB, indicating that it is about to break out of a symmetrical triangle. The next up move will bring it to $ 380.
Source: Twitter
Since the tweet, BNB has broken out above the horizontal resistance area of $ 315 and thereafter confirmed it as support. In addition, it is moving along an ascending line of support, although its lean is not entirely clear due to the long wick candle underneath that emerged on June 22nd.
Moving to the full height of the pattern brings the token into the USD 395 resistance area.
Both MACD and RSI support the continuation of the uptrend. Hence, the short term bias remains bullish as long as the NBB trades above the USD 315 horizontal support area and the rising support line.
BNB / USDT 6-hour chart | Source: TradingView
If the entire move has been an ABC correction since May 19, the BNB can hit the $ 452 resistance area before falling.
This move gives the A: C waves a 1: 1 ratio and also brings the price to the resistance line of the ascending parallel channel.
BNB / USDT 6-hour chart | Source: TradingView
BNB / BTC
BNB / BTC has been trading within a symmetrical triangle since it hit an all-time high of ₿0.0123 on May 13. While this pattern is generally considered neutral, it comes after an upward move. Hence, the chance of an outbreak is higher.
In addition, the technical indicators are increasing. The MACD is about to move into the positive zone, the RSI is above 50 and the stochastic oscillator has created a bullish cross.
It is possible that this pattern is part of the fourth wave of a five-wave bullish pulse.
Potential targets for the top of the move are found at ₿0.013 and ₿0.016. They are found using the Fib projection on waves 1-3.
BNB / BTC daily chart | Source: TradingView
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
SN_Nour
According to Beincrypto
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Analysis
Binance Coin (BNB) breaks out after a bullish pattern formation
Binance Coin (BNB) completed a double bottom and then broke the descending resistance line.
The BNB is currently trading along a short term ascending support line and trading above the horizontal support area of $ 315.
BNB does double bottom and breakout
On May 23rd and June 22nd, the NBB completed a double bottom pattern within the USD 240 support area, which was combined with bullish divergences in the MACD, RSI and the stochastic oscillator.
On July 3rd, the price broke above a descending resistance line. To date, it hit a local high of $ 340 on July 7th.
The closest resistances are at $ 395 and $ 452. Those targets are the 0.382 and 0.5 Fib retracement resistance values.
BNB / USDT daily chart | Source: TradingView
Short-term movement động
Trader @TradingTank has sketched a chart from BNB, indicating that it is about to break out of a symmetrical triangle. The next up move will bring it to $ 380.
Source: Twitter
Since the tweet, BNB has broken out above the horizontal resistance area of $ 315 and thereafter confirmed it as support. In addition, it is moving along an ascending line of support, although its lean is not entirely clear due to the long wick candle underneath that emerged on June 22nd.
Moving to the full height of the pattern brings the token into the USD 395 resistance area.
Both MACD and RSI support the continuation of the uptrend. Hence, the short term bias remains bullish as long as the NBB trades above the USD 315 horizontal support area and the rising support line.
BNB / USDT 6-hour chart | Source: TradingView
If the entire move has been an ABC correction since May 19, the BNB can hit the $ 452 resistance area before falling.
This move gives the A: C waves a 1: 1 ratio and also brings the price to the resistance line of the ascending parallel channel.
BNB / USDT 6-hour chart | Source: TradingView
BNB / BTC
BNB / BTC has been trading within a symmetrical triangle since it hit an all-time high of ₿0.0123 on May 13. While this pattern is generally considered neutral, it comes after an upward move. Hence, the chance of an outbreak is higher.
In addition, the technical indicators are increasing. The MACD is about to move into the positive zone, the RSI is above 50 and the stochastic oscillator has created a bullish cross.
It is possible that this pattern is part of the fourth wave of a five-wave bullish pulse.
Potential targets for the top of the move are found at ₿0.013 and ₿0.016. They are found using the Fib projection on waves 1-3.
BNB / BTC daily chart | Source: TradingView
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
SN_Nour
According to Beincrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
