BTC and Binance update
Bitcoin is trading at $3920 currently with 24 hour trading volume hovering around 9.4 billion. BTC Volume and price action both indicate strength from the bulls, and it does seem that there will be a retest of the low 4k resistance in the coming days.
Binance coin has been commanding the attention of the crypto world since the beginning of February. In about one month, its price has appreciated by more than 150% against the dollar. Volume has continued to flow into BNB since the beginning of 2019. Euphoric sentiment seems to have set in for $BNB .
To begin, Binance is one of the most widely used, crypto exchange in the crypto space . This drives notoriety to the token and its use in trading, as it is an active trading pair to 50+ cryptocurrencies on Binance.
It is also common thought that the ownership of $BNB is an opportunity to participate in the success of Binance. Casual crypto investors are not the only ones to view Binance as a strong product or savvy market operator/investor. The Argentine government has come forth regarding their approach to funding national blockchain projects that Binance also invests in.
Argentina's Ministry of Production and Labour announced Wednesday that it will match investments of up to $50,000 into every Argentine blockchain project that receives funding from Binance Labs via the second season of its incubator program and LatamEX Founders Lab. This shows the level of respect and confidence that major governments have for Binance’s decision making in the blockchain space.
From a technical perspective, $BNB might have to take a breather before its next leg up. The $16-17 range will to provide heavy resistance to $BNB. It is hard to ignore the amount of volume surging in, or the golden cross that occurred on the daily for $BNB on February 27th (see chart below). We expect a short-term retrace to the $11-12 range that will act as support.