BBOD Research: Binance (BNB)

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Binance (BNB) | $13.78 USD | 0.00184067 BTC
Bitcoin remains in a tight range, with higher lows being formed since the 29th of May. As a result of this trend, a rising wedge pattern can now clearly be seen on the 4-hour chart. Such patterns often break to the downside when established from an ultimate low. Although near-term this may appear to be negative news, it should provide the market with final confirmation of the beginnings of a long-term uptrend, as a result of a potential higher low being formed on the daily. This bottoming formation would lean incredibly bullish long-term and has the potential to spark the next alt season. During this uncertain period, we have seen some excellent gains from certain alts in the market. Although, such profits are often nullified without tight stop losses, as the market continues to fight the underlying bearish sentiment. Binance Coin (BNB) has been particularly strong, with an 18% positive move at its peak, after a break of the 0.0085 Satoshi near-term resistance level. BNB is now retracing to the 0.0085 level as Bitcoin pulls in once more, if the coin can hold this level on the daily timeframe, this level will become support and a nice set up for further upside momentum. This level also correlates with the 10 EMA, a key indicator that often provides support in bullish scenarios. Thus, If we see a bounce from 0.0085 Satoshis, this could provide an early entry point for those who believe in Binance as a key exchange long-term. For the more conservative investor, the next key level to watch is a break of the recent all-time highs of 0.002 Satoshis. In a bullish market, this would be significant, as this is both a psychological barrier that needs to be overcome and the last point of resistance. From there, the sky's the limit. Currently the number one spot exchange in terms of trading volume, with new cryptocurrencies being adding continuously, the platform looks only set to grow in the coming months. Thus, the opportunity to invest at these levels has a relatively safe risk to reward ratio in the current market. Definitely, one to consider in the coming days.

BNB/BTC daily chart

Source: Tradingview

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BBOD Research is not an investment company, investment advisor or broker/dealer, and does not provide investment advice. The information contained in this report is not intended to be a source of advice or investment analysis with respect to the material presented, and the information contained in this report does not constitute investment advice