Binance coin maintains its rapid rise in recent months, reflecting the rising value of the world's largest crypto money exchange. What are the resistance points in front of the BNB coin?
Binance coin price movements
When we look at the BNB / USD chart on a large scale, an upward trend starting from mid-December 2018 is the first detail. With the corrective movements, the BNB's withdrawal, which has reached the current $ 16 band, seems to have been realized with higher bottoms and shorter times.
Another important point is that the 100-day moving average on the daily chart is very close to breaking the 200-day moving average . if such a breakdown occurs, the value increase of the BNB can be further accelerated. The upward trend, which started in the last days of 2018, started with the 4-hour BNB / USD chart that the 100 candle holder moving average breaks the 200 candle holder moving average.
Binance coin mid-term price analysis
When we examined closely, we determined Fib correction levels according to the fibonacci corrections calculated with reference to the dip and peak levels for the trend.
According to the calculations, the corrective movements of the BNB coin against the dollar are technically up to Fib 0,786 continues. In addition, the termination of the withdrawal at these significant levels is a sign that a technically sound trend has been formed
. According to the Fibonacci correction level between the last dip ($ 13.34) and today's summit ($ 16.53). the levels for a possible retreat are respectively; fib 0,382- 15,31, fib 0,618 – 14,55 and final support point fib 0,786 – 14,00. According to this view, if a possible correction is seen below the level of $ 14, we can see that the current uptrend will end.
But as of now, we cannot say that a correction has started when we look at the short-term price movements while the upward trend continues. We also refer to Fibonacci correction levels to confirm that the correction movement has begun. A daily closing below the price of $ 16.08, which corresponds to the value of Fib 0.144, may be a trigger for the start of the withdrawal
. If we talk about the resistance levels seen in the graph, we can see that the BNB coin, which we saw back in July of last year, will continue towards the June 2018 summit of 17.6. The level of $ 17.6 stands as a serious resistance point for the BNB
BNB Technical indicator signals
When we check the technical indicators in the BNB / USD daily chart,
shows the 4-hour view of the MACD indicator. we see that there is no correction signal. With the MACD's transition to the negative zone, the retraction may be accelerated. The stochastic RSI is in a state of dissonance and downward trend.
- If the day closing is above $ 16.08, the uptrend may continue and the BNB coin may move towards $ 17.6.
- 16 Can start a closing retreat movement under 08. In this case, the 14-dollar level may serve as the most critical support point for the continuation of the rise.
- In the summary of technical indicators there is an impression that a correction will come before the continuation of the rise.
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