Binance (BNB/BTC) Technical Analysis for 12/29/2017 – More Bullish Momentum

Binance has kept up its upside momentum from the earlier upside breakout of a long-term consolidation pattern. On the 1-hour time frame, however, a bit of consolidation is seen as bulls wait for more company.

A break past the resistance around 0.0007 could be enough to ensure that buyers are getting back in the game. The short-term moving average is above the longer-term one, so the path of least resistance is to the upside, especially since the gap between the two is widening.

Stochastic is on the move down to indicate rally exhaustion but is also nearing oversold levels and might turn higher to reflect a pickup in buying momentum.

On the 4-hour chart, it can be seen that Binance is in a bullish flag pattern. This is typically considered a continuation signal. Note that the mast of the flag spans 0.0003 to 0.00065, which means that the resulting rally could be of the same height.

On this time frame, the short-term moving average is also above the longer-term one to confirm bullish momentum. Stochastic is already moving up from the oversold region so Binance might follow suit as buyers return.

The daily chart shows a clearer picture of the upside breakout, with price previously surging past an earlier bullish flag formation. However, stochastic is already reflecting overbought conditions on this time frame so a pullback may be due before more gains are seen.

Bitcoin has slumped against the dollar and some of its other cryptocurrency rivals after the euphoria over bitcoin futures has faded. In addition, reports that South Korea is curbing bitcoin activity has also weighed on its price.

This has allowed rivals like Binance to take advantage as it continues to enjoy strong volumes. As seen on the daily time frame, activity has popped higher in the recent weeks.

Exit mobile version