BNB Bullish Setup Completed! Buy Now?

9:19 am, Tue, 20 April 21

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BNB/USD analysis from previous article The BNB Rally Is Far From Over! Watch This Bullish Pattern

While the general crypto market is still dumping, the BNB/USD pair stands out and is looking very bullish. And right now the BNB price just broke out of a descending channel we talked about in our previous BNB analysis The BNB Rally Is Far From Over! Watch This Bullish Pattern

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BNB Bullish Setup breaking out and retesting the descending channel on the 4 hour timeframe

This breakout is very bullish for the BNB price and right now we are seeing the Altcoin retest at the top of the channel, providing us with a breakout and retest strategy we can work take advantage of to the upside.

BNB Bullish Setup Completed! Buy Now?
BNB Bullish Setup playing out on the 4-hour timeframe

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Key Level To Watch

BNB Bullish Setup Completed! Buy Now?
The $428 is a key level to watch on the BNB/USD 4-hour timeframe

The key level to watch is the $428 price level. As far as the price continues to trade above this level we will remain bullish.

However, if BNB trades below this $428 key level this bullish pattern gets invalidated and the probability that we might see a sell-off happen increases.

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BNB/USD bearish scenario on the 4-hour timeframe

Bullish Targets

BNB Bullish Setup Completed! Buy Now?
BNB Bullish Setup Completed on the 4-hour timeframe. Buy Now?

Our first bullish target is the ATH at $598. BNB might surge to this region before facing any major resistance in the coming days. However, if this level gets broken, the next target to aim for would be the $745 level as predicted in our last BNB analysis The BNB Rally Is Far From Over! Watch This Bullish Pattern.

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BNB/USD analysis from previous article The BNB Rally Is Far From Over! Watch This Bullish Pattern

This $745 region is the 0.618 Fibonacci extension level and might come into play soon.

Final Verdict!

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BNB/USD remains bullish as far as price remain above $428 on the 4-hour timeframe

BNB remains very bullish as far as price continues to trade above the $428 key support level. The break and retest of the descending channel pattern also confirms this bullish bias.

However, if price breaks through $428, our bullish bias gets invalidated and we will stand aside to wait for a better trade setup.

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