New Bullish Cycle to New All-Time High

Please fol­low and like us:
Pin Share

Binance Coin (BNB) price has increased sig­nif­i­cant­ly since falling to a new year­ly low in June. The recent triple-bot­tom pat­tern could con­firm that a bull­ish rever­sal has begun.

BNB price has been falling since reach­ing an all-time high price of $692 in May 2021. In Nov. 2021, it cre­at­ed a slight­ly low­er high and resumed its down­ward move­ment under­neath a descend­ing resis­tance line.

This decrease led to a year­ly low of $183 in June 2022. Ini­tial­ly, it seemed that the decrease caused a break­down below the $255 hor­i­zon­tal sup­port area. How­ev­er, the BNB price reversed the trend short­ly after­ward and reclaimed the area (red cir­cle). In Aug, it man­aged to break out from the afore­men­tioned descend­ing resis­tance line.

Addi­tion­al­ly, the week­ly RSI has bro­ken out from its bear­ish diver­gence trend­line (green), increas­ing the valid­i­ty of the break­out. But it is worth men­tion­ing that the indi­ca­tor has yet to move above 50. This would fur­ther con­firm that a bull­ish rever­sal has begun.

If the upward move­ment con­tin­ues, the clos­est long-term resis­tance area would be at $427. This is the 0.5 Fib retrace­ment resis­tance lev­el and a hor­i­zon­tal resis­tance area.

BNB Price long-term
BNB/USDT Chart By TradingView

Binance Coin Price Prediction: Triple Bottom

Between Sept. 06 and Oct. 13, the Binance Coin price cre­at­ed a triple bot­tom pat­tern (green arrows). Accord­ing to tech­ni­cal analy­sis, the triple bot­tom is regard­ed as a bull­ish pat­tern that usu­al­ly leads to bull­ish trend rever­sals. Addi­tion­al­ly, the final bot­tom cre­at­ed a very long low­er wick, which is viewed as a sign of buy­ing pressure.

How­ev­er, the BNB price pat­tern is not con­firmed yet. The rea­son for this is that the price is still fol­low­ing a descend­ing resis­tance line, which acts as the pattern’s resis­tance. A break­out from it is required to con­firm the pattern.

In that case, the next resis­tance area would be $336. This is a cru­cial hor­i­zon­tal lev­el since it has pre­vi­ous­ly act­ed as both sup­port (green icons) and resis­tance (red icons). So, a break­out above it could sig­nif­i­cant­ly accel­er­ate the rate of increase. It is entire­ly pos­si­ble that a break­out will occur with­in the next 24 hours.

So far, the bull­ish Binance Coin price pre­dic­tion from the dai­ly time­frame is in line with bull­ish read­ings from the week­ly timeframe.

BNB Price pattern
BNB/USDT Chart By TradingView

Wave Count Supports Continuation of BNB Price Upward Movement

Mea­sur­ing from March 2020, the most like­ly wave count sug­gests that the BNB price has begun the fifth and final wave of a bull­ish impulse (black). If cor­rect, the upward move­ment would lead to a new all-time high. The first poten­tial tar­get is at $996, cre­at­ed by the 1.61 exter­nal Fib retrace­ment of wave four.

Con­verse­ly, a decrease below the year­ly low of $183 would inval­i­date the bull­ish wave count. In that case, due to the lack of sup­port below the lev­el, the rate of the decrease could accel­er­ate and take the BNB price below $100.

BNB Price wave count
BNB/USDT Chart By TradingView

For the lat­est BeIn­Cryp­to Bit­coin (BTC) and cryp­to mar­ket analy­sis, click here

Dis­claimer: BeIn­Cryp­to strives to pro­vide accu­rate and up-to-date infor­ma­tion, but it will not be respon­si­ble for any miss­ing facts or inac­cu­rate infor­ma­tion. You com­ply and under­stand that you should use any of this infor­ma­tion at your own risk. Cryp­tocur­ren­cies are high­ly volatile finan­cial assets, so research and make your own finan­cial decisions.

Disclaimer

All the infor­ma­tion con­tained on our web­site is pub­lished in good faith and for gen­er­al infor­ma­tion pur­pos­es only. Any action the read­er takes upon the infor­ma­tion found on our web­site is strict­ly at their own risk.

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *