Binance (BNB) Taking Off, Eying up $20

October 13, 2019 7:54 PM UTC

The bulls have done it again today after a huge 8% increase over the last few hours, breaking above the 26-period EMA convincingly. This is very significant as BNB hadn’t been able to break this EMA for 4 days.

 

The bulls are now enjoying a really nice daily uptrend and facing basically zero resistance until $20. The 4-hour chart is back in favor of the bulls but the RSI is overextended which could mean some consolidation is coming.

The EMAs are looking for a bullish cross the next week if the bulls can keep up the momentum.

The bulls are way above both EMA’s which are crossed bullish. Similarly, the hourly chart is in favor of the bulls but the RSI has cooled off a little bit here.

This is a confirmation of the weekly bottom and the bulls are now looking to change the weekly trend, although they need a lot more work to do that.

The monthly chart is basically waiting for the weekly chart to confirm the recent bottom. A lot of technical indicators are signaling this to be the bottom anyways. This can certainly be a nice long-term opportunity if investors think the monthly bottom is in.

Follow us on
Daily updates

Leave a Reply

Your email address will not be published. Required fields are marked *

eight + 17 =