Binance Coin Technical Analysis


2 min read
Binance Coin Technical Analysis

Let's get right into it without any delays everyone.

The chart above shows BNB/USD on the daily resolution.

Dissecting How We Put the Chart Above Together

First it starts with the underlying support point that buoyed the price of $BNB from March 6th to May 10th, 2020.

From there, if we plot the overhead and underlying horizontal support & resistance points, respectively, we end up with the following:

Assuming a Bounce

Assuming that there is a bounce of any sort from the support point that we identified in the screenshot above, the trajectory of $BNB's price action would result in the following:

Maximum Upside

If this were the case, then the maximum upside from this point moving forward would be approximately +15%.

See below:

Looking at Other Momentum Indicators

We must look at other momentum indicators in order to gain a better idea of whether there will be a bounce or if the price will fall below the support point identified in the chart above.

Cryptomedication Volatility RSI

Below is the metric reading from the Cryptomedication Volatility RSI:

Understanding the Indicator

The Cryptomedication Volatility RSI is an indicator that tracks volatility in addition to momentum.

Conclusion

Going through the remainder of the momentum-based indicators (which you all have access to if you're a Librehash member), it should be patently obvious that there arae no real avenues to make money off of $BNB, both in the short or the long-term (for the USD pairing) ; we'll go ahead and re-visit this one later.

Seems pretty obvious to me that only the "DeFi" tokens are the ones that are being pumped to high hell this weekend.

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