Binance Coin Retraces to $21 Support, Attempts Massive Move Soon
Aug 23, 2020 at 15:59 //
News
Binance Coin is currently trading at $21 at the time of writing. Buyers have been attempting to break the resistance at $24.
On August 5, the attempt at the resistance resulted in a further downward move. The coin fell to $21 low and resumed upward move. On August 18, BNB retested the resistance, thereby forming a bearish double top. This bearish double pattern is a bearish signal that is responsible for the downward movement of Binance Coin. Meanwhile, the coin has fallen above the $21 support. The upward move will resume if the current support holds.
Binance Coin (BNB) indicator reading
The price broke the EMAs but it is currently finding support above the 26-day EMA. The price will rise if the EMAs hold. The crypto is presently in a bearish momentum as it is below 40% range of the daily stochastic.
Key Resistance Zones: $23, $24, $25
Key Support Zones: $15, $14, $13
What is the next direction for BNB/USD?
Despite the bearish pattern formation and retracement, BNB uptrend is intact. The Fibonacci tool has indicated a further upward movement of the coin. On August 11, a retraced candle body tested the 0.618 Fibonacci retracement level. It indicates that the market will rise to 1.618 Fibonacci extension level or the high of $29.
Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow