BNB is currently trading above the $315 horizontal support level while following a short-term ascending support line.
Binance Coin double bottom leads to breakout
BNB constructed a double bottom pattern inside the $240 horizontal support area between May 23 and June 22. Bullish divergences in the MACD, RSI, and Stochastic oscillator were paired with the pattern.
It managed to break clear of a declining resistance line on July 3. So far, it has reached a high of $340 in the local market on July 7.
The nearest resistance levels are $395 and $452. These resistance levels are the 0.382 and 0.5 Fib retracement levels.
@TradingTank, a cryptocurrency trader, drew a BNB chart, indicating that it is in the midst of breaking out of a symmetrical triangle. It would then rise to $380 as a result of the subsequent upward movement.
BNB has broken out of the $315 horizontal resistance level and validated it as support since the tweet. Furthermore, it is following an ascending support line, albeit its slope is obscured by the extended lower wick formed on June 22.
A movement that spans the entire height of the pattern would take the token to the $395 resistance level.
Both the MACD and the RSI indicate that the rising trend will continue. As a result, as long as BNB is trading above the $315 horizontal sector and the ascending support line, the short-term trend stays optimistic.
If the entire movement since May 19 has been an A-B-C corrective structure, BNB might hit the $452 resistance level before falling.
This would result in a 1:1 ratio of waves A:C and also approach the resistance line of an ascending parallel channel.
Since reaching an all-time high of 0.0123 on May 13, BNB/BTC has been trading within a symmetrical triangle. While this is commonly regarded as a neutral pattern, it follows an upward move. As a result, a breakout is more likely.
In addition, technical indications are positive. The MACD is practically positive, the RSI is above 50, and the Stochastic oscillator has crossed to the upside.
The pattern could be part of the fourth wave of a five-wave bullish impulse.
The following probable targets are at 0.013 and 0.016. On waves 1-3, they are discovered using a Fib projection.