Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
- The daily market structure has turned bullish
- A pullback as deep as $290 remains a possibility though
Binance Coin [BNB] reacted extremely positively over the past two days of trading. The bullish euphoria over Bitcoin’s gains translated across the crypto-market and BNB gained by 20.5% within four days. A retracement before a sustained move higher up the charts remains possible too.
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On the daily timeframe, the market structure for Binance Coin seemed to be bullish once more. The recent lower high at $294 was beaten during the latest reversal, but the $309-mark has posed some resistance over the past 24 hours.
A strong confluence of support at $292
The Volume Profile Visible Range showed that the price was right above the Point of Control, based on the trading from 8 February. The POC was at $304.2, and Binance Coin seemed to be retesting it as support, at the time of writing.
The Value Area High and Low were found at $322.8 and $274.7, respectively. This meant that $304.2 and $274.7 are two levels buyers will be interested in. In fact, a set of Fibonacci retracement levels (yellow) were drawn based on the latest surge too.
It showed the 78,6% retracement level lay at $276.7, which was almost the same level as the VAL. Moreover, the price action from early March showed the $285-$292 region was significant support on the lower timeframes. The RSI crossed over above the neutral 50-level and indicated bullish momentum had taken root. The OBV also recorded gains and could continue higher.
How much are
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Author: Akashnath S
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