Binance Coin (BNB) 360 #10: 7th July 2021
Hello everyone, my name is Akina and welcome to this new installment of Binance Coin (BNB) 360! Get ready for BNB technical analysis! What is happening? What should we do? I will try my best to fill you in. Let’s go!
For this tenth installment, we will focus on the Daily chart. It is favoured by traders and analysts as it gives an overall view of the market and lets us see trends, vital for getting into positions.
Here, the daily close is key. It let us know if the price will have held old support. It’s an important level. Be careful, we have to wait for the close and not to make hasty conclusions.
The price is above the 50-day moving average (MM). The price may reject, and until we break this line, we are still bearish.
On the four-hourly, the price is forming a W, a sign of reversal. As we may be stumbling at this price level of $310, there is scope for a pullback before shooting back up.
We can happily see an increase in volume that supports the price.
The price is going north without much retracement. If we get a proven top, I will use the Fibonacci tool to find potential retracement areas. By drawing a line between the last two tops, we have an area where the price has made a pullback. It is an interesting area to keep on the graph, and it could serve as support a second time.
Finally, we can see a little divergence, highlighting a weakening of this strong, short-term uptrend.
To conclude, the BNB shows momentum on the smaller timeframes, but we are hitting a key area on the daily, so obstacles may hinder the price.
I was Akinabourse and I will see you next Wednesday for more BNB analysis! Remember, never invest more than you can afford to lose and DYOR. See you soon on CoinTribune!
Passionate about technical analysis and technology, I have been diligently following cryptocurrencies since 2017. Beyond trading and investing, I try to democratise, in my own way, the ecosystem that will undoubtedly change our habits in the future!