What is Binance Coin (BNB) Doing Right Now?
Binance Coin is currently trading around the $590 mark and is facing some resistance around this level. BNB’s price has recovered quite nicely after the flash crash last week and it is moving in an uptrend on the shorter timeframes. Once we break above the $590 mark the next resistance we would be looking at on the shorter timeframes is the $610 mark.
Margin traders can trade Bitcoin and Ethereum with up to 100x leverage on ByBit. Use this link to sign up and earn a free bonus on your initial deposit.
Analyzing the Charts
On the 1-hour charts we can observe that the price is forming a bull flag pattern and is trying to break above the resistance around the $590 mark.
Once we break out of this pattern, we will get back to the $625 level once again. We can also spot a double-bottom scenario for BNB on a similar timeframe which means the trend is more likely to continue.
However, we can also see that Binance Coin broke below an important trendline on the 1-day timeframe and is going back to retest it. It is crucial that we close a candle above this line to regain bullish momentum.
If we face rejection here we can expect further correction for the Binance Coin in the coming days.
Conclusion: Where is Binance Coin (BNB) Headed Next?
BNB is looking quite bullish on the shorter timeframes, but we would not be trading it just yet. After the flash crash, last week Bitcoin is still in a downtrend and if it goes down further, altcoins will also bleed. We will only be interested in trading BNB once it breaks above the trendline resistance on the 1-day timeframe convincingly.
Margin Trading for Beginners
If you are interested in leverage trading Bitcoin, you can go through our Margin Trading Guide to learn more about it. You can also check our list of top crypto exchanges to choose the platform that best suits your needs.
Copy Trading With PrimeXBT
Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” with our link.
100x Leverage
100x Leverage
100x Leverage
