News

Binance

“The first one back in mid-February went nearly vertical afterward,” said Crypto Kaleo, mentioning the chart as shown below. “I expect something similar here, though probably a bit slower considering the higher market cap/longer accumulation period prior.”

Notice how both ATH breakouts had massive wicks/shakeout candles. Source: BNBBTC on TradingView.com

The analysis appeared as the cryptocurrency market, on the whole, risked correcting lower under Bitcoin’s influence. The BTC/USD exchange rate again failed to log a breakout move above $60,000. Traders unwound their upside positions to secure short-term profits and dropped the pair to as low as $55,400 on Wednesday. It was attempting to rebound this Friday, albeit with weaker volumes.

BNB’s fundamentals typically take cues from the Bitcoin market. The correlation efficiency between the two assets currently sits near 0.75. The general market consensus for Bitcoin is bullish. It means Binance Binance Coin outlook from mid-Feb. Source: BNBUSD on TradingView.com

Binance Binance Coin outlook in April 2021. Source: BNBUSD on TradingView.com
Binance BNBUSD on TradingView.com

“Extremely similar also,” Kaleo stated, “both accumulated/accumulating slightly higher than the ATH they recently broke. “Continuing to play out like the time above. I’m expecting a surge out of this range to a new all-time high and price discovery any time now.”

Products You May Like

Articles You May Like

New Peer to Peer Exchange Provides Africans with an Alternative to Paxful
State Street to provide tech for institutional Bitcoin trading platform
This is why Coinbase $1,8B Q1 earnings are bullish for Bitcoin
Cathie Wood: Bitcoin Just ENDED Investing
Meet the Projects Unlocking Illiquid Markets
JPMorgan Boss Says ‘Emerging Issues’ Like Cryptocurrencies ‘Need to Be Dealt With Quickly’

Leave a Reply

Your email address will not be published. Required fields are marked *