HomeTradingBinance (BNB/BTC) Technical Analysis for 09/12/2017 – Long-Term Bearish Pennant?

Binance (BNB/BTC) Technical Analysis for 09/12/2017 – Long-Term Bearish Pennant?


Binance appears to be stuck in a holding pattern on its long-term time frame, but this could be seen as a continuation signal as well. Price appears to be consolidating inside a bearish pennant and a break below the lows could confirm that more losses are in the cards.

Volume has ticked lower, however, as volatility has taken a bit of a hit. Traders are understandably holding out from taking large positions while waiting to hear what Chinese authorities have to say on the rumored shutdown of bitcoin exchanges in the country.

Stochastic is pulling up from the oversold region to signal that sellers might need to take a break for a bit. If buyers take over, Binance could break from its downtrend and attempt to resume the rally back up to the 0.0071970 highs or at least until the area of interest just above 0.0004000.

On the hourly time frame, it can be seen that Binance is testing the line in the sand for its ongoing selloff while the moving averages are gearing up for an upward crossover. If this materializes, bullish momentum could pick up and lead to more gains for Binance.

Stochastic is heading south on this time frame, though, so bearish pressure is in play until the oscillator hits oversold conditions and turns higher.

On the 15-minute time frame, it looks like Binance has completed a short-term consolidation upside break and correction. The 100 SMA has crossed above the longer-term 200 SMA to signal that bulls are taking the upper hand. A move past the swing high at 0.0002620 could be enough to draw more buyers to the mix and sustain the rally.

Binance is an up and coming Chinese exchange but it has its own cryptocurrency. These tokens were created by an Ethereum smart contract some time ago and a total of 80m BNB coins is kept in reserve, all of which belong to the team. A total of 200m coins were created initially so there are 120m BNB coins waiting to be traded.


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