Today the price falls, it generates uncertainty, but the uptrend line remains intact
What are new resistances after your upward move?
We will see
Binance is the exchange with the largest daily movement in cryptocurrencies, with its own BNB currency associated with its projects.
Several weeks ago the news was negative, for Binance, the price remained with Rising Values but low if we compare with the increases in other Alcoins, which in some cases have broken their historical values.
Last week Binance has continued its momentum, its bullish movement, with good volume that indicates that the movement can continue.
BNB price does not follow the news, something has changed.
- It will be the market volume of NFT.
- It will be its adaptation to the standards of the countries in which it operates.
Binance seems to be doing things right and the price of BNB is starting to reflect this.
If you are an investor in BNB, this analysis could be useful in the short or medium term.
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BNB / USDT Analysis
In this case we could project with elliot waves looking for future resistances.
Another option would be to analyze BNB / BTC where the price has broken a range. we will see
Elliot analysis and Fibonacci BNB / UST projection.
Fibonacci Extension Analysis.
If we analyze the daily chart we will see that this week it has touched the 0.618 fibonacci in several days. But na has been able to break it.
The next target would be 0.718 fibonacci, around $ 600.
Fibonacci projection and Elliot waves
f the chart the last upward movement, with daily candles, we analyze it with fibonaction projection, we could be about to end a sub-wave 5 of 5 elliot waves.
In a sub-wave 5 of elliot the price could reach the range of $ 570 to $ 600.
BNB / BTC Analysis
If we analyze the chart with daily candles we see that the price has moved in ranges
The first range is from 7500 satoshis to 10000 satoshis.
When the price moves in ranges, it doubles the previous range
The second range is from 10,000 satoshis to 12,500 satoshis.
As we can see, the price has broken the first range a few days ago.
The volume has increased when it breaks the channel confirming the break the following days where we see that the price falls but does not pierce the channel. Leaving 2 days in a row a candle confirming the break.
If we convert the 12500 satoshis to the current price it would give us about 600 dollars
Resistances until reaching the price of 600 dollars.
- First $ 512 dollars.
- Second $ 568 dollars.
What do you think the price will reach 600 dollars or more?
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Protect your assets use Stop loss
The alcoins market is very dependent on the price of Bitcoin, when Bitcoins goes up the alcoins go up more, but also in the other sense, so I suggest that you periodically review a Bitcoin and use stop loss and move it when they are already in profit. Do not let a profit become a loss.
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READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are.
Perform your own analysis before making an investment decision. Use money that you are willing to lose if you make an investment.
If you make exchanges or investments after reading this publication, it is entirely at your own risk. I am not responsible for any of your gains or losses. By reading this publication, you acknowledge and agree that you will never hold me liable for any of your profits or losses.
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