BNB/USD Triple Bottom at $258 Support
Binance Coin, Binance Smart Chain, and the exchange Binance itself has had quite the news headlines this year; from BSC recording an astronomical growth in users on chain, to regulatory compliance by the exchange, to CZ Binance stepping down from the CEO role.
Binance Coin peaked a little over $676 earlier this year in May when the hype for NFTs and BSC-20 tokens were through the roof and since then has not made a newer high. BNB has been consistently falling and trying to find its bottom support, which now looking at it August 1st, I am confident that we've found bottom.
If BNB was going to continue falling back down to the start of the uptrend at $130 and post up a scam wick, we would've seen that by now. However, BNB has not closed a single candle on the daily or 12H underneath the $258 level of support, acting as the local bottom.
BNB not seeing a single candle closure underneath the bottom level of support is extremely bullish and I would be re-evaluating my position in this coin if Binance came back down to the start of the uptrend at the $130 level.
Now getting perfect entry is pretty difficult and would've been goated if you would've bought at $258. I am not that great at picking the absolute bottoms, but I did manage to squeeze out a long entry at $293 (still HODLing).
My next long targets i'm looking at mainly is the April 2021 Swing Low placed at $432.
This level of resistance has already been 1st touched back in the start of June, never to be hit since. Now, i'm expecting BNB to swing high and hit this level and continue the upwards momentum to the previous local high and above going into the end of the year.
As always please do your own research, I am not a financial advisor.
Binance Coin peaked a little over $676 earlier this year in May when the hype for NFTs and BSC-20 tokens were through the roof and since then has not made a newer high. BNB has been consistently falling and trying to find its bottom support, which now looking at it August 1st, I am confident that we've found bottom.
If BNB was going to continue falling back down to the start of the uptrend at $130 and post up a scam wick, we would've seen that by now. However, BNB has not closed a single candle on the daily or 12H underneath the $258 level of support, acting as the local bottom.
BNB not seeing a single candle closure underneath the bottom level of support is extremely bullish and I would be re-evaluating my position in this coin if Binance came back down to the start of the uptrend at the $130 level.
Now getting perfect entry is pretty difficult and would've been goated if you would've bought at $258. I am not that great at picking the absolute bottoms, but I did manage to squeeze out a long entry at $293 (still HODLing).
My next long targets i'm looking at mainly is the April 2021 Swing Low placed at $432.
This level of resistance has already been 1st touched back in the start of June, never to be hit since. Now, i'm expecting BNB to swing high and hit this level and continue the upwards momentum to the previous local high and above going into the end of the year.
As always please do your own research, I am not a financial advisor.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.