Binance Coin (BNB) Scrambles for Support After Sharp Rejection

Binance Coin (BNB) was rejected by a descending resistance line on Feb 15 and is currently attempting to find short-term support.

BNB has been falling since reaching an all-time high price of $691 on May 10. Afterwards, it initiated another upward movement, which led to a slightly lower high on Nov 6. This effectively created a double top (red icons), which is considered a bearish reversal pattern. 

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BNB has been moving downwards since. 

Technical indicators are mixed, leaning on bearish, since both the RSI and MACD are decreasing. While the MACD has managed to hold on above 0, which is considered a bullish sign, the RSI has already broken down below 50.

BNB fails to break out

The daily chart shows that BNB has bounced at the $335 horizontal area twice (green icons), most recently on Jan 24. The bounce was a catalyst for an upward movement that took the price to a descending resistance line, which has been in place since Dec 1. 

If a breakout occurs, the next closest resistance area would be at $500. This is both a horizontal resistance area and the 0.5 Fib retracement resistance level.

However, similarly to the weekly time-frame, technical indicators are neutral/bearish, since both the RSI and MACD are falling.

The two-hour chart shows that BNB could be following an ascending support line. If so, the ongoing bounce is the third validation of this line. Therefore, the possibility of a bullish structure and another breakout attempt is still there.

Wave count analysis

Cryptocurrency trader @CryptoTony_ tweeted a chart of BNB, stating that the price could increase towards $500 before correcting. 

Since the tweet, BNB has decreased slightly. However, the proposed formation is still valid. While the increase since Jan 24 is definitely a three wave structure (highlighted), so is the ensuing decrease.

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Therefore, it is possible that BNB will soon begin the C wave, which could take it towards $500.

BeInCrypto’s latest Bitcoin (BTC) analysis,  click here

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