Binance Coin entering new bull run
Hello, Traders!
This is my first analysis and I hope you will find it insightful.
Binance Coin (BNB) is a native concurrency of Binance exchange, and its price action represents fluctuations in hundreds of cryptocurrencies traded on Binance platform. It is easy to draw parallel between BNB and S&P 500 index - they both track cumulative performance of assets in crypto or stock market. In 2019, BNB performed better than Bitcoin, Ethereum, XRP and Litecoin because of strong growth of altcoins listed on its platform.
The key trendline is the thick black line connecting BNB lows in the end of 2019 and 2020, which acted as very strong support. 2020 started with a rally in cryptocurrency market, but now both Bitcoin and altcoins approached serious resistance. In case of BNB, Ichimoku Cloud on weekly chart represents area of resistance which BNB must surpass to confirm new bull run.
Local resistance level is 22-24 USDT, local support is MA 100 line or 16-18 USDT level. I expect the price to range between the two levels until April, then Bitcoin halving will act as catalyst for future bull run. If the price will break above Ichimoku Cloud or 24-26 USDT level, the bull run will be confirmed earlier and 22-24 USDT will start to act as support. Let's see how the market will unfold in the coming weeks.
Click that like button if you like it.
Good luck, Traders!
This is my first analysis and I hope you will find it insightful.
Binance Coin (BNB) is a native concurrency of Binance exchange, and its price action represents fluctuations in hundreds of cryptocurrencies traded on Binance platform. It is easy to draw parallel between BNB and S&P 500 index - they both track cumulative performance of assets in crypto or stock market. In 2019, BNB performed better than Bitcoin, Ethereum, XRP and Litecoin because of strong growth of altcoins listed on its platform.
The key trendline is the thick black line connecting BNB lows in the end of 2019 and 2020, which acted as very strong support. 2020 started with a rally in cryptocurrency market, but now both Bitcoin and altcoins approached serious resistance. In case of BNB, Ichimoku Cloud on weekly chart represents area of resistance which BNB must surpass to confirm new bull run.
Local resistance level is 22-24 USDT, local support is MA 100 line or 16-18 USDT level. I expect the price to range between the two levels until April, then Bitcoin halving will act as catalyst for future bull run. If the price will break above Ichimoku Cloud or 24-26 USDT level, the bull run will be confirmed earlier and 22-24 USDT will start to act as support. Let's see how the market will unfold in the coming weeks.
Click that like button if you like it.
Good luck, Traders!
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