Binance Coin / USD Technical Analysis: Consecutive Gains

2019-4-10 17:29

Binance Coin is bullish in the short-term, with the cryptocurrency trading to levels not seen since January 2018 The BNB / USD pair has a bullish outlook over the medium-term The daily time frame shows a bullish inverted head and shoulders pattern has formed Binance Coin / USD Short-term price analysis

Binance Coin has a bullish short-term trading bias, with the cryptocurrency continuing to make higher highs and lower lows above its 200-period moving average on the four-hour time frame.

The four-hour time frame also shows the presence of bearish MACD price divergence from the start of the recent rally in the BNB / USD pair.

Technical indicators on the four-hour time frame are attempting to recover higher, after the cryptocurrency recently performed a minor bearish technical correction.

BNB / USD H4 Chart (Source: TradingView)

Pattern Watch

Traders should watch for a potential bearish breakdown below the BNB / USD pair’s 200-period moving average if buyers are unable to make fresh higher price highs.

Relative Strength Index

The RSI Indicator remains bearish on the four-hour time frame, although the indicator is also attempting to correct higher.

MACD Indicator

The MACD indicator is attempting to move higher on the four-hour time frame.

Binance Coin / USD Medium-term price analysis

Binance Coin retains a bullish outlook over the medium-term, with the cryptocurrency attempting to post its eight-consecutive week of trading gains.

The daily time frame shows that the breakout from the ascending triangle pattern has reached completion, while a bullish inverted head and shoulders pattern has now formed.

Bearish MACD price divergence is visible on the daily time frame, which extends back towards the start of last month.

BNB / USD Daily Chart (Source: TradingView)

Pattern Watch

Traders should note that the neckline of the bullish inverted head and shoulders pattern on the daily time frame is now offering the strongest form of near-term support.

Relative Strength Index

The RSI indicator is starting to move lower on the daily time frame and is currently showing a bearish pattern.

MACD Indicator

The MACD indicator on the daily time frame continues to show large amounts of bearish price divergence.

Conclusion

The bullish inverted head and shoulders pattern on the daily time frame highlights that the BNB / USD pair could still trade much higher over the medium-term.

A degree of caution is warranted, as both time frames continue to show bearish MACD price divergence, which could ultimately signal a much deeper technical correction.

For a brief introduction to Binance Coin, check out our coin guide.

Binance Coin ChartChart byCryptoCompare baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[ scripts.length - 1 ]; var cccTheme = { "General":{"borderWidth":"0px","borderColor":"#FFF","showExport":true}, "Tabs":{"borderColor":"#FFF","activeBorderColor":"rgba(28,113,255,0.85)"}, "Chart":{"fillColor":"#222","borderColor":"rgba(28,113,255,0.85)"}, "Conversion":{"lineHeight":"10px"}}; (function (){ var appName = encodeURIComponent(window.location.hostname); if(appName==""){appName="local";} var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl+'serve/v3/coin/chart?fsym=BNB&tsyms=USD,EUR,CNY,GBP'; s.src = theUrl + ( theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); #ccpw-ticker-24513 .ccc-chart-header { background: #1c71ff} #ccpw-ticker-24513 #ccc-chart-block .exportBtnTop, #ccpw-ticker-24513 a.tabperiods.tabperiods_active, #ccpw-ticker-24513 .coin_details { color: #1c71ff; background: rgba(28,113,255,0.15); } #ccpw-ticker-24513 .coin_details { border: 1px solid rgba(28,113,255,0.16); } .ccpw-container_chart #ccpw-ticker-24513 .coin-container:after, .ccpw-container_four #ccpw-ticker-24513 .coin-container:after {border-color:#ccc !Important;} Join the conversation on Telegram and Twitter!

Decentral Media, Inc., the publisher of Crypto Briefing, is not an investment advisor and does not offer or provide investment advice or other financial advice. Nothing on this website constitutes, or should be relied on as, investment advice or financial advice of any kind. Specifically, none of the information on this website constitutes, or should be relied on as, a suggestion, offer, or other solicitation to engage in, or refrain from engaging in, any purchase, sale, or any other any investment-related activity with respect to any transaction. You should never make an investment decision on an investment based solely on the information on our website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an investment.

The post Binance Coin / USD Technical Analysis: Consecutive Gains appeared first on Crypto Briefing.

Similar to Notcoin - Blum - Airdrops In 2024

origin »