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Binance Technical Analysis March 2019
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Introduction

Following a successful $4 Million ICO launch of Celer Network (CELR) on the Binance Launchpad as announced on the 19th of March, bullish sentiment for the Binance (BNB) coin was on the increase. Among such significant events for the BNB is the expansion of the Binance Lite service in Australia, allowing customers to purchase Bitcoin via newsagents.

 

These fundamental events, as well as critical technical patterns, keep the BNB in a strong bullish trend. Read on as we carry out a top-down time series analysis of the BNBUSDT. null

Technical Analysis of BNBUSDT

BNBUSD: Monthly Chart

Technical Analysis BNBUSD - Monthly Chart

The Binance coin is a really reliable investment vehicle. Unlike other cryptocurrencies, the rate at which it recovered from the crypto winter of 2018 is unbelievable, as it disconnects itself from the direct correlation with other altcoins in the top ten rankings.

From the above monthly chart, after a double bearish accumulation pattern that lasted from September to October 2018, the pair triggers a single bullish accumulation on January ’19 after a 55% price decline from the double bearish accumulation.

The bullish accumulation pattern at the close of January this year fired a huge bullish campaign that results to a 152% price increase from February to the current month of March.

BNBUSD: Weekly Chart

Technical Analysis BNBUSD - Weekly Chart

The weekly chart following a price decline triggered by double bearish accumulation pattern from the 25th of June to 02nd of July ’18, earlier on the 17th of December ’18 served as confirmation to the single bullish accumulation pattern by initializing a breakout of bearish accumulation. This established a strong support level at 4.120 and a 167% increase.

The bullish accumulation pattern on the 11th of February ’19 reinforced the bullish campaign from a weekly chart perspective continuing with another 73% rise.

BNBUSD: Daily Chart

Technical Analysis BNBUSD - Daily Chart

Offering lower risk buy entry signals is the daily chart. The pair triggers a bullish accumulation pattern on 30th of Jan ’19 for a 158% price increase against a 6% risk. Moving further in time, the breakout of bearish accumulation patterns was triggered on the 15th of February ’19, 28th of February ’19, and 05th of March ’19, with 71.6%, 62%, and 16.7% profit potentials.

Most recent is the double bearish accumulation pattern triggered on the 18th, 19th, and 20th of March ’19 respectively. The price can correct to one of the significant support levels from this point, as well as a breakout of the accumulation resistance.

BNBUSD: 4-HOUR Chart

BNBUSD - 4 Hour Chart

The above 4hour time frame started by triggering a combination of Bullish hidden divergence and breakout of double bearish accumulation on 27th of February ’19 04:00 for a 63%% price increase. On 04th of March ’19, price signaled a breakout of double bearish accumulation, this time for a price increase of 39%.

Starting from 08th of March ’19 00:00, the bulls start to lose their grip on the bears as bullish accumulation pattern collapse to bearish price close.  A bearish regular divergence pattern is fired on 17th of March ’19 20:00 signifying a change in trend and confirms the double bearish accumulation pattern on the daily chart.

Critical Resistance Levels of Binance Coin (BNB)

4-Hour

16.00, 15.79

Daily

16.00, 15.8187

Weekly

17.4767, 15.1532

Monthly

25.18, 17.3419, 11.5886

Critical Support Levels of Binance Coin (BNB)

4-Hour

13.86, 10.85, 9.35

Daily

10.8778, 9.3136, 8.3949, 5.9617

Weekly

11.8020, 4.1200

Monthly

10.3002, 4.12, 0.50

Conclusion and Projection

As price approaches the critical resistance level of 17.3419 on the weekly chart, it starts to slow down a bit. Although we are slowly coming to the end of the month, the BNB still maintains a bullish outlook and projected to hit the earlier mentioned critical resistance level going into the next month. For now, we should look out for a breakout of bearish pressure points on lower 4hour and daily charts as long entry setups.

Feel free to read the rest of our Technical Analysis from March and April 2019 here:

Technical Analysis of XLMUSD – March 2019

Technical Analysis of LTCUSD – March 2019

Technical Analysis of IOTUSD (IOTA) – April 2019

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