Binance Coin Valid Uptrend

Back in February, Binance coin found the bottom at the 78.6% Fibonacci retracement level, that is $5.58. Since then price has been steadily rising, producing higher highs and higher lows. The recent correction from the $16.3 high, resulted in a decline towards the $12 support, where the uptrend trendline has been rejected cleanly.

The BNB/USD trend remains bullish, and after todays’ increased trading volume the price seems to be ready to continue moving higher from this point. The strong resistance is seen at 23.6% Fibs that is $18.5 and could be reached in a relatively short period of time. Break above that resistance will most likely result in a much stronger growth, while rejection would trigger a correction down.

On a downside, break and close below recent low, that is $11.6 would invalidate bullish outlook and could result in a extended consolidation or even a decline towards the $8 area.

Source: http://cryptopost.com/binance-coin-valid-uptrend/
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