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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.
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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.
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