2019-2-5 14:39 |
Long-Term Outlook Chart – Source: Tradingview.com
A look at the Weekly chart for BNB in logarithmic form shows that price is trading at $7, very close to the 7-period MA and the previous resistance area at $7.5-$8.5.
The nearest support area can be found at $4.5-$5.5.
The 7 and 21 period MAs have made a bearish cross and price is trading below them and the Ichimoku cloud, which is projected to be negative.
The RSI is at 45, indicating neither overbought nor oversold conditions.
However, the MACD has made a bullish cross and is moving upward with significant strength.
Medium-Term Outlook Chart – Source: Tradingview.comA look at the 3-day chart gives us a little more information about price movements.
First, we can see that price started the upward move after it fell to the support area and developed bullish divergence in the RSI.
Price is trading below the 21-period MA and the Ichimoku cloud, which are offering close resistance.
However, the price is above the 7-day MA which seems to be getting ready to make a bullish cross.
Furthermore, the MACD is going up with strength and is almost positive.
Chart – Source: Tradingview.comA look at the Daily chart offers a more bearish outlook than the 3-day one.
Firstly, the 7-21 period moving averages have made a bullish cross, and the price has broken out of the resistance offered by the Ichimoku Cloud.
However, the price has developed bearish divergence in the RSI.
Furthermore, the price is very close to the resistance area and 200-period MA.
Short-Term Outlook and Price Prediction Chart – Source: Tradingview.comA look at the 6-hour chart gives us a structure in which price is trading in.
We can see that price has been following an ascending support line since December 5th.
Furthermore, similar to the daily timeframe, the price has developed significant bearish divergence with the RSI.
Price Prediction:I believe that during this week price will linger around 7$, then during the next two weeks will break down from the support line and head to the minor support area at $5.1 which coincides with the 0.618 fib area.
Conclusions: The price fell to the support area at $4.5-$5.5. There is a short-term bearish divergence. Price is following an ascending support line. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Binance Coin [BNB] Price Prediction: Does the Bearish Divergence Mean That We Just Made a Double Top? was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.
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