BNB has clearly been among the strongest cryptocurrencies as of late, with 11 weeks of gains in a row. The RSI has been extended for months but it is clear the bulls don’t care, the constant flow of positive news from Binance renders most of the technical analysis for BNB useless.
Every time BNB had some bearish pressure or was about to break the bull trend, positive news would come out, effectively pushing the price back up. BNB is the first major cryptocurrency to achieve an all-time high during the bear market and has seen really strong support at $20.88, 20% higher than the previous $16.25 support.
As we can see in the chart above, BNB topped out at over $25, followed by 3 days of bearish action and a strong ‘hammer’ candlestick where bulls bought the dip pushing the price up $3 in just 3 hours. For now, the $20.88 level remains as support and BNB is looking for continuation of its bull trend.
Another possibility here could be an equilibrium pattern, where BNB fails to break the last high and simply forms a lower high.
— CZ Binance (@cz_binance) April 25, 2019
However, considering the strength of the trend and more positive news, it’s very likely that BNB will simply just break the high and continue its bullish journey.
Whaleagent.club is the Most accurate crypto signals group in the world. We provide easy to follow educated signals that are based on Market research & Technical Analysis. Our signals are being shared to monitor our personal trades aka journey. We are trading at Bitmex, Bittrex, Binance. If you want to watch our Trades in live, simply subscribe via the website as a Premium Member.
Image Credits: TradingView