BINANCE COIN ($BNBUSDT) 💠| How To Get In Binance's DM's
🕊️ Things are looking up for Binance bulls after a Poloniex listing and news of the upcoming Binance UK launch.
While BNB's chart has seen better days, there is still hope for the bulls. Let's take a look at some levels.
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Support:
The first point of support for BNB is the S1 bullish orderblock. If the bulls can find support here there is a chance of breaking out of the current range while still keeping a lower high intact.
The next point of support is the bullish orderblock at S2. Breaking below this means risking a potential uptrend, and this isn't what the bulls want to see.
Resistance:
Due to the volatile price action going into COVID BNB has a good deal of resistance to contend with. First up is the R1 S/R flip just above the price.
If R1 can be broken, then the R2 orderblock and prior swing high at the top of the current range is the only thing standing between the bulls and a potential run.
A break above the current range is bullish and would find the bulls squaring off against the R3 orderblock formed by the dead cat on the way down in the COVID drop. Getting here is a great sign for the bulls, so a rejection at R3 isn't necessarily a problem (especially if R2 can flip to support).
Next up is the R4 prior swing high orderblock cluster, again formed from the dead cat during COVID.
Above R4 are the R5 and R6 orderblocks from previous swing highs during the drop. These levels may or may not see a reaction on the way up, it really depends on how much momentum BNB and crypto as a whole has at that point.
Lastly, the bulls have the R7 previous top. A breach above this with conviction would obviously be great news for the bulls.
Summary:
BNB has always been a top contender due to it being so important to one of the most important and liquid exchanges. It has lagged recently, but there is still plenty of room for the BNB bulls... if they can bust out of this current range and pick up some momentum.
Resources:
cointelegraph.com/ne...-tensions-over-steem + www.reuters.com/arti...f-2020-idUSL1N2DT1VW
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While BNB's chart has seen better days, there is still hope for the bulls. Let's take a look at some levels.
Hit that 👍 button to show support for the content and help us grow 🐣
Support:
The first point of support for BNB is the S1 bullish orderblock. If the bulls can find support here there is a chance of breaking out of the current range while still keeping a lower high intact.
The next point of support is the bullish orderblock at S2. Breaking below this means risking a potential uptrend, and this isn't what the bulls want to see.
Resistance:
Due to the volatile price action going into COVID BNB has a good deal of resistance to contend with. First up is the R1 S/R flip just above the price.
If R1 can be broken, then the R2 orderblock and prior swing high at the top of the current range is the only thing standing between the bulls and a potential run.
A break above the current range is bullish and would find the bulls squaring off against the R3 orderblock formed by the dead cat on the way down in the COVID drop. Getting here is a great sign for the bulls, so a rejection at R3 isn't necessarily a problem (especially if R2 can flip to support).
Next up is the R4 prior swing high orderblock cluster, again formed from the dead cat during COVID.
Above R4 are the R5 and R6 orderblocks from previous swing highs during the drop. These levels may or may not see a reaction on the way up, it really depends on how much momentum BNB and crypto as a whole has at that point.
Lastly, the bulls have the R7 previous top. A breach above this with conviction would obviously be great news for the bulls.
Summary:
BNB has always been a top contender due to it being so important to one of the most important and liquid exchanges. It has lagged recently, but there is still plenty of room for the BNB bulls... if they can bust out of this current range and pick up some momentum.
Resources:
cointelegraph.com/ne...-tensions-over-steem + www.reuters.com/arti...f-2020-idUSL1N2DT1VW
✨Drop a comment asking for an update, we do NEW setups every day! ✨
Like, Comment & Follow to help the community grow 🎉🎉
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