Fabio Amaya
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BNB broke above the descending channel pattern on Sunday, and the bulls successfully defended the new test of the breakout level on Tuesday. This suggests that the bulls have turned the resistance line into support.
The 20-day exponential moving average ($648) is flat, but the relative strength index (RSI) is just above the midpoint, indicating a slight momentum in favor of the bulls. If buyers keep the price above $660, BNB could rise to $675 and later to $698. Sellers are expected to fiercely defend the $698 resistance, as a breakout above opens the door for a rally towards $732.
Time is running out for the bears. They will need to push the price back quickly into the channel to recover. This could sink the pair down to $625.
The 4-hour chart shows that the price sharply bounced off the resistance line, indicating solid demand at lower levels. The pair will complete an inverted head and shoulders bullish pattern if the price closes above $660. This bullish setup has a pattern target of $719.
Moving averages are likely to act as support on any pullback. The first sign of weakness will be a breakout and close below $643. This suggests that the bulls have given up. The pair could then drop to $636.
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The 20-day exponential moving average ($648) is flat, but the relative strength index (RSI) is just above the midpoint, indicating a slight momentum in favor of the bulls. If buyers keep the price above $660, BNB could rise to $675 and later to $698. Sellers are expected to fiercely defend the $698 resistance, as a breakout above opens the door for a rally towards $732.
Time is running out for the bears. They will need to push the price back quickly into the channel to recover. This could sink the pair down to $625.
The 4-hour chart shows that the price sharply bounced off the resistance line, indicating solid demand at lower levels. The pair will complete an inverted head and shoulders bullish pattern if the price closes above $660. This bullish setup has a pattern target of $719.
Moving averages are likely to act as support on any pullback. The first sign of weakness will be a breakout and close below $643. This suggests that the bulls have given up. The pair could then drop to $636.
#TradersLeague
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