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Binance Coin: High-risk traders have this longing opportunity awaiting them

Binance Coin: High-risk traders have this longing opportunity awaiting them Blockchain PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Jogi nyilatkozat: A következő elemzés eredményei az író egyedüli véleményei, és nem tekinthetők befektetési tanácsnak

Binance has been doing the rounds in the media for a number of reasons. Recently, the Securities Commission of Malaysia megrendelt the exchange to disable its website and cease offerings in the country for ‘illegally’ operating a Digital Asset Exchange. To add to Binance’s woes, financial services provider HSBC also suspended customer payments to Binance in the U.K., citing regulatory concerns raised by the FCA in June.

However, this has not stopped the world’s largest exchange from making új szövetségek to expand its network.

Amidst these events, Binance’s native cryptocurrency BNB seemed to be ignoring such developments and moved in accordance with broader market cues.

Binance Coin 4 órás diagram 

Binance Coin: High-risk traders have this longing opportunity awaiting them Blockchain PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Forrás: BNB / USD, TradingView

BNB’s chart pictured the formation of higher highs and lower lows since 22 July. The V-shaped recovery allowed the price to form a new peak at $348, which was its highest level in over a month. Due to BTC’s retracement from $42k, the last few days resulted in a correctional phase for BNB as the focus shifted to the support zone of $325.6-$330.

Avoiding a close below this zone would maintain BNB’s bullish narrative going forward. In case of a breakdown, the 200-SMA (green) and $308 would be called into action.

Érvelés 

The Stochastic RSI flashed a bearish crossover in the overbought region and underlined the potential risk of selling pressure. A bearish trend reversal was also on the cards as the Directional Movement Index’s +DI inched closer towards the -DI. Finally, the Squeeze Momentum suggested that bearish momentum was on a decline as BNB approached its defensive area.

Következtetés 

There was evidence to suggest that bearish control would decline within the support area of $325.6-$330. This development would safeguard BNB’s ongoing uptrend. Traders can opt to long BNB within the zone, but must be mindful of bearish broader market cues. Especially since a fall below BNB’s 200-SMA might trigger a sharp market sell-off.

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Source: https://ambcrypto.com/binance-coin-high-risk-traders-have-this-longing-opportunity-awaiting-them/