Binance Coin (BNB) Monthly Higher Low Almost Confirmed?

October 12, 2019 11:37 AM UTC

BNB had a wonderful 2019 after experiencing a huge bull run that propelled the digital currency up to $39.6

The daily chart is currently in a nice uptrend, formed after the recent market crash. The bulls have been rejected from the 26-period EMA but they are holding the 12-period EMA support after the recent consolidation. The bulls are now looking to set a higher low compared to $14.85.

The 4-hour chart shifted to a downtrend but the bulls are currently trying to break above the 12-period EMA and shift back to an uptrend.

The weekly chart is crucial, if the bulls are able to set an uptrend here, it would confirm a monthly higher low. They are currently trying to form the bottom, however, they have a tough job ahead in order to change the trend.

The top of the downtrend remains at $23.17 and the EMA’s have crossed bearish. The RSI could help the bulls but the most likely scenario is going to be an equilibrium pattern first.

The monthly chart, as mentioned above, is trying to set the higher low at $14.25. The declining bear volume would indicate this as the higher low, however, the bulls did lose the 12-period EMA here. We will have to wait for the weekly chart to confirm whether this is the bottom or not.

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