BINANCE COIN ($BNB): BNB Levels and Trends to Watch
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BNB is moving in a downward channel but is currently in an uptrend. The deduction of trading costs on the most liquid exchange (by daily trading volume on average) being a solid use case, and coin burns constantly decreasing supply, it is never a good move to bet against BNB's upside potential.
Let's check out what it looks like if BNB continues this uptrend and breaks back into the ascending pennant.
Resource: binance.vision/blockchain/what-is-a-coin-burn
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1. With our Range Retester strategy, we are looking to open a long position after a reaction at either a bullish orderblock plotted by Orderblock Mapping or a previous S/R flip plotted by Directional Bias only while we are in a uptrend.
2. While we don't have any immediate levels to enter on, we can detect some key resistance levels above that should create reactions and perhaps give us an entry in the future if price pulls back from one of them.
3. If BNB can't break the channel and eventually does head down, we have a few major support levels at and around the previous lows back in 2019. Our closest being the orderblock formed in the correction for the March 2020 dump.
4. On the bull side here a move back above the longterm trend line since 2018 also creates some interesting possibilities for BNB. There is a confluence of levels around R2 from the trendlines and bearish orderblocks that creates a particularly interesting place to watch for reactions.
5. For now, although there is a lot of potential resistance above us, Fractal Trend is showing the start of a short term uptrend, and so between that and the fundamentals, our current bias is bullish on BNB.
Good luck bears. :P
Like, Comment & Follow to help the community grow 🎉🎉
---
BNB is moving in a downward channel but is currently in an uptrend. The deduction of trading costs on the most liquid exchange (by daily trading volume on average) being a solid use case, and coin burns constantly decreasing supply, it is never a good move to bet against BNB's upside potential.
Let's check out what it looks like if BNB continues this uptrend and breaks back into the ascending pennant.
Resource: binance.vision/blockchain/what-is-a-coin-burn
---
1. With our Range Retester strategy, we are looking to open a long position after a reaction at either a bullish orderblock plotted by Orderblock Mapping or a previous S/R flip plotted by Directional Bias only while we are in a uptrend.
2. While we don't have any immediate levels to enter on, we can detect some key resistance levels above that should create reactions and perhaps give us an entry in the future if price pulls back from one of them.
3. If BNB can't break the channel and eventually does head down, we have a few major support levels at and around the previous lows back in 2019. Our closest being the orderblock formed in the correction for the March 2020 dump.
4. On the bull side here a move back above the longterm trend line since 2018 also creates some interesting possibilities for BNB. There is a confluence of levels around R2 from the trendlines and bearish orderblocks that creates a particularly interesting place to watch for reactions.
5. For now, although there is a lot of potential resistance above us, Fractal Trend is showing the start of a short term uptrend, and so between that and the fundamentals, our current bias is bullish on BNB.
Good luck bears. :P
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