Binance Coin: Significant 0.5 Fibonacci Resistance 1D (Apr. 22)

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X FORCE GLOBAL ANALYSIS:


Binance Coin (BNB) is one of the most traded cryptocurrencies on Binance. In this analysis, we take a look at BNB's technicals to determine the probabilities for its next move.

Bullish Evidence

- We are trading in an ascending parallel channel on the daily, creating higher lows and higher highs
- The Relative Strength Index (RSI) also shows higher lows and higher highs in an uptrend
- The Moving Average Convergence Divergence (MACD) shows increasing bullish histograms after a golden cross
- BNB has broken through and consolidated above the 0.382 Fibonacci level

Bearish Evidence

- The bullish histograms on the MACD are decreasing
- We have seen tremendous bearish pressure shown by the bearish engulfing candles, indicating that bears might still be in control
- On the weekly, we are trading within a descending wedge, creating lower lows and higher lows
- BNB has been rejected by the 0.5 Fibonacci resistance
- This could play out as a bear flag pattern

What We Believe

We believe that a break and close above the 0.5 Fibonacci resistance is essential for Binance Coin to continue its rally. A break below the channel support would confirm a new bearish trend, and a bear flag pattern playing out.

Trade Safe.