Hello, dear members of LeoFinance!
Today, I want to comment on the price chart of Binance Coin (BNB).
In the 4-hour chart (4H), BNB/USD has exited the Descending Triangle (trend continuation pattern) ...
... and is trying to resume the uptrend. In the 1-hour (1H) time frame BNB/USD is trying to continue to move forward within the trajectory of the Ascending channel:
As can be seen from the chart, right now the BNB/USD is testing the trend line (lower line) of the channel. Theoretically, the price of the cryptocurrency should receive support at the trend line, bounce off, and resume the uptrend.
However, if the price chart drops below the trend line and exits the trajectory of the channel (uptrend) in a downward direction then the bearish sentiment may intensify because in the price chart there will be a sequence of two local highs, with the latter below the previous one - a common trend reversal pattern:
In my view, even if the price of BNB drops below the trend line, in the worst case, BNB/USD will start to move sideways in a broad range and there will not be a trend reversal.
Nevertheless, one thing is clear: right now, BNB/USD is at a crossroads in the 1-hour chart. It will either resume the uptrend from the lower line of the channel (bullish scenario) or it will exit sideways the channel and start to consolidate in a broad range (neutral scenario).
To be continued ...
As of the time of writing, one Binance Coin (BNB) costs $254.72 on the Binance crypto exchange, according to TradingView.
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for the last 14,5 years, and as a cryptocurrency analyst for the last almost 4 years.
Important!
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.
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Good analysis my friend. Will you publish one about Bitcoin and Ethereum? 📈
I analyzed Bitcoi yesterday in my video analysis.
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Thank you!
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Интересно смотреть такие статьи спустя некоторое время. Пока цена остается стабильной и продолжает двигатьсяв в бок.
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