2019-5-3 18:41 |
Binance Coin has a bullish short-term outlook, with the cryptocurrency trading towards its all-time high The BNB / USD pair has a strong bullish bias over the medium-term A larger inverted head and shoulders is now present across the daily time frame Binance Coin / USD Short-term price analysis
Binance Coin has a strong bullish short-term trading bias, with the cryptocurrency testing towards its all-time trading high.
The four-hour time frame shows that the inverted head and shoulders pattern has reached its upside objective, while a bullish breakout is currently underway from a descending triangle pattern.
Technical indicators on the four-hour time frame are still sending bullish signals despite the strong run.
BNB / USD H4 Chart by TradingView
Pattern Watch
Traders should note that the overall upside target of the descending triangle pattern will take the BNB / USD pair to a new all-time trading high.
Relative Strength Index
The RSI Indicator is also bullish on the four-hour time frame, although it is starting to correct from overbought conditions.
MACD Indicator
The MACD indicator on the four-hour time frame is bullish, with the MACD signal line still issuing a buy signal.
Binance Coin / USD Medium-term price analysisBinance Coin has a strong bullish medium-term outlook, with the cryptocurrency probing towards its former monthly trading high.
The daily time frame shows that an even larger inverted head and shoulders pattern has been created, while the smaller inverted head and shoulders pattern has yet to reach its full upside projection.
Technical indicators appear overstretched on the daily time frame, although they still remain bullish.
BNB / USD Daily Chart by TradingView
Pattern Watch
Traders should note that a bullish breakout above the neckline of the larger inverted head and shoulders pattern may cause a surge in technical buying.
Relative Strength Index
The RSI indicator is bullish on the daily time frame and shows scope for further upside.
MACD Indicator
The MACD indicator on the daily time frame time frame appears overstretched and is attempting to turn lower.
ConclusionBinance Coin has an increasingly bullish bias across both time horizons, with the large inverted head and shoulders pattern on the daily time frame indicating that the BNB / USD pair can still trade significantly higher over the medium-term.
Check out our coin guide for BNB to understand how it works.
We also conducted a deep analysis of the Binance Exchange token in our DARE.
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