Binance Coin (BNB) Continues With Its Journey to $20

October 17, 2019 11:33 PM UTC

BNB has been in a strong daily uptrend for a few weeks now and it’s not stopping. The 4-hour chart saw a substantial dump yesterday, however, the bulls have recovered almost entirely, currently forming an uptrend again. BNB is trading above the EMAs which are still crossed bullish.

The daily chart shows a strong support on both EMAs where the bulls managed to bounce back up. BNB is trading above the EMAs which are closer and closer to a bull cross. The RSI is still only 54 points, which means that a break above $19.17, the recent high, could happen within the next few days or even hours.

The weekly chart has formed a bull flag which could be confirmed this weekend, however, the EMAs are still higher, with the first one at $20.99. The bulls need a lot of work here if they want to change the trend without setting a lower high first.

The bottom of the monthly chart is closer and closer to be confirmed but we still need to wait for that weekly chart to give us the final confirmation. Investors looking for a long-term investment in BNB, should probably start buying in batches right now. If they want to play it safer, they could wait for the weekly trend to change.

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