Technical Analysis of Binance Coin April: Introduction
The Binance coin established a new all-time high of 26.6645550, shooting beyond the previous high of the crypto rush of 2017. Join us as we walk you through a top-down overview of the Binance coin paired against the USD.
Our blog offers several other Technical Analysis, feel free to check them out if you have more interest in this matter.
BNBUSD: Monthly Chart
The crypto winter of 2018 ended after a bullish accumulation pattern was fired on January ’19, a pattern similar to the one triggered during the crypto rush that started from November ’17.
BNBUSD: Weekly Chart
The above weekly chart shows an early breakout of bearish accumulation resistance on December 17th in 2018. Moving forward to December 31st ’18 the MACD oscillator signals a golden cross as both bullish setups forced the price of the BNB into a series of bullish closing candles.
Bullish accumulation patterns signalled on February 11th, March 25th and April 08th offered great opportunity to add to the initial long-only position, with major higher low/support levels at 8.521604, 15.6316457, and 16.342920 respectively.
BNBUSD: Daily Chart
By scrolling closer to the daily time frame, we observe a bullish hidden divergence pattern which was confirmed by a break of bearish accumulation and single bullish accumulation pattern all signalled on April 13th ’19. The price of BNB coin increased by 41.6%.
Upon approaching the previous all-time high of 26.473235, the bears show strength as they crash below bullish accumulation support of 23.9017216 on April 23rd ’19.
BNBUSD: 4-HOUR Chart
A view from the above 4hour chart also shows exhaustion on the part of the bulls as they approach the previous all-time high. This started first with a single bearish accumulation on April 20th, and later, a breakdown of bullish accumulation on April 22nd ’19 15:00.
The bulls later scoop up intraday oversold prices after a bullish hidden divergence setup was confirmed by a bullish accumulation setup on April 24th ’19 at 07:00.
At this point, the pair enters a side-ways range which is great for swing trading.
BNBUSD: 1-HOUR Chart
Coming to the lowest time frame on our list, the 1hour chart illustrates weakness on the part of the bears as the bulls break out of bearish resistance on April 30th ’19 at 05:00 and May 01st ’19 at 16:00. Price increased by 10.70% from the breakout point before signalling a bearish regular divergence pattern on May 02nd ’19 at 20:00, and a further increase in bearish pressure on May 03rd ’19 at 19:00 to 22:00 and May 04th ’19 at 05:00.
Critical Resistance Levels of Binance Coin (BNB)
25.329690, 244489665, 24.9868163
25.8297807, 25.2033104, 24.1357094, 25.1911331
25.5089678, 25.38228040, 26.0156864, 26.6645550
Critical Support Levels of Binance Coin (BNB)
19.7833474, 21.07560, 22.3080690
8.5216040, 15.6316457, 16.342920
Technical Analysis of Binance Coin April: Conclusion and Projection
The Binance coin is considered a top performer and pacesetter compared to other altcoins in the top 20 coins by market capitalization.
Now that the BNB has set up a new price level higher than the previous high, we expect more profit taking around the previous all-time high zone, while we look out for a break above bearish pressure resistance after deep price retracements.
Please feel free to read through our other April Technical Analysis like: Technical Analysis of Bitcoin Cash (BCHUSD): April 2019 and Technical Analysis of Ripple (XRPUSD): April 2019.