✴️ Binance Coin Early But Has Recovery Potential

٨ مارس ٢٠٢٣

Just as we saw with Bitcoin, Binance Coin (BNBUSDT) is showing early reversal signals.

The signals being early means that they are not yet confirmed, not strong.

BNBUSDT hit a low 18-Jan., higher low 13-Feb., and higher low 6-Mar., yesterday.

✔️ All this action is happening right above the 0.5 Fib. retracement level for the bullish wave that started after the 18-Dec. low.
✔️ All this action is also happening right above the MA200 black line.

MA200 is a strong indicator and after being conquered early January it continues to be tested as support and so far holds.
This is the early signal...

As long as Binance Coin (BNBUSDT) stays trading above MA200 (287) and the 0.5 Fib. retracement level (278.9), the bullish potential remains intact.

The longer this pair stays above these levels and the easier for us to see a resumption of the initial move which is the bullish breakout that happened in January.

That's the early signal, the potential for a recovery.

On the other hand, if these levels fail undoubtably we will see this and other pairs move lower.

Trading volume is really low and this feels more like consolidation... If we zoom out, see we have long-term higher lows:

So it is all a waiting game... Either it goes up now or after activating the next support.

The bottom line and most important detail is that the bias remains UP!

Patience is key.

Namaste.