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Binancecoin (BNB): The Range Of $ 440-460 Will Be Decisive

  • 18.06.2021
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A month without heavy boring trades in the low volatility BNB market is coming to an end. The local growth wave that began on 23 May failed to break the important range of $430-450.

On 4 June, buyers gave up the initiative on the BNBUSDT market and took a wait and see attitude. Despite the fact that sellers managed to lower the BNB price by 25% in 4 days, the upward trend continues. Starting from 8 June, sellers stopped putting pressure on the price. And this is confirmed by the trading volumes. The BNB price has stopped in the important liquidity zone of ​​$340-360. We described in detail about this price zone and its importance in the previous article.

Control of the range of $340-360 will give BNB buyers a chance

In fact, all the time from 23 May, buyers are trying to buy out all sellers as low as possible and take control of $340-360. On the daily timeframe, we see a narrow consolidation in a critical range at low volumes. It may indicate a complete exhaustion of sellers and preparation for a sharp growth impulse:

BNB

The first target of buyers is the range of $440-460. Depending on the nature of the BNB price growth, it will be clear whether the price will continue to move within the triangle with a flat top, or the price movement will finally turn into a trend.

A new fall wave will start from either $460 or $540

Considering the strong fall wave that sellers showed in the period from 12 to 23 May, the current growth wave is corrective for us. That is, we do not expect, within the limits of local growth the historical high update and continued dominance of buyers in the BNB market. At the moment, buyers have managed to correct the previous fall wave by 61.8% (range of $440-460). Therefore, having tested this range, you should fix some of your long positions, since we may not see higher prices for several months. Only if the price fixes above $440-460 will give a powerful signal to buyers to continue to grow to $530-540. In this range, we would sell all BNB and be ready for a new fall wave with a low update.

After analyzing the BNBBTC chart, we came to the conclusion that we should not expect a new wave of powerful growth:

BNB

As we can see in the chart, the BNBBTC price is stuck in a consolidation. In terms of trading volumes, we can confidently state that buyers will not be able to break the upper trend line that sellers have been keeping from 17 May. However, local growth by 15-16% is more than real in the near future.

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Це зображення має порожній атрибут alt; ім'я файлу streem-22.06-1160x707.png
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