Binance Coin Retests Trend Line Support

in LeoFinance3 years ago

Direct from the desk of Dane Williams.



Hey team,

With all the hype around Cub Finance, Binance Coin has remained in focus for the LeoFinance community.

Just before the release, we spoke about Binance Coin being at a potentially good spot if you were going to buy in anticipation and the BNB daily pennant breakout was a good outcome for those that got in early.

But it looks like the party may not yet be over for BNB!

Just take another look at the daily chart below:

BNB/USD 4 Hourly:
BNB/USD 4 Hourly

You can see that while price pulled back after the initial breakout rip higher, it's since pulled back.

However, look at where this latest pullback was stopped in its tracks by buyers.

Yep, right there at the same support level which was the lower trend line which was part of the pennant we traded the breakout from.

Pretty cool, huh?

This is why you shouldn't be in any rush to clear the levels away from your charts even if price breaks through them.

Support/resistance levels aren't a brick wall and as you can see here, they're able to be broken then reactivated just as easily.

For all you cubbies looking to reload as price pulls back toward it's $3.00 opening price once more, this setup on BNB may allow you to get a good price on the other side of the liquidity token required to farm.

Best of probabilities to you,

Dane.



FOREX BROKR | LeoFinance Blog
Daily market analysis.

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Thanks for the update, if it still looks good Saturday im going in that pool big.

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How long until your power down completes and you have the LEO to use?

Also, have you been in any of the other pools up until now?

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Muy buen analisis. Mi analisis es muy similar. Para mi el precio esta haciendo soporte en el 38.2% del Fibonacci, y dependiendo de hacia donde rompa el precio, buscaremos objetivos en los siguientes niveles Fibonacci. En mi opinion si el BNB rompe el soporte de los 196$, podriamos entrar en un mercado bajista. ¿Que opinas?

Very good analysis. My analysis is very similar. For me the price is making support at 38.2% of the Fibonacci, and depending on where the price breaks, we will look for targets at the next Fibonacci levels. In my opinion if the BNB breaks the support at $ 196, we could enter a bear market. What do you think?

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Thanks for running that through the translator for us. Much appreciated :)

My bias remains to the upside, simply because we're still in a higher time frame bullish trend.

If it does break to the downside however, I wouldn't immediately call it a bear market until the trend properly changes.

There's a lot of support just a little lower than the trend line on your chart which price would have to keep breaking through in order to properly change to a bearish trend.

Something that at this stage is probably less likely to happen than a breakout higher so I'll be playing for that instead.

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BNB looks very good, in shorter periods a bullish wedge is formed that can trigger the price to the upside, in addition to that the fundamentals of bnb support said movement.

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From a technical analysis point of view, I really like the setup.

But from the Fundamental side, I'm not as confident...

We are all loving the cheap fees etc, but BSC is a totally centralised pseudo-blockchain where one single decision maker can change direction at the click of their fingers.

Does that sound familiar? -cough- Justin.

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You are very right, I had not thought that