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