- December 18, 2022
- Posted by: Tradingshot Articles
- Category: Cryptocurrency
The strong pull-back on Binance Coin (BNBUSD) since the November 27 High (which was a Lower High of the Nov 08 FTX crash) seems to have come to an end as the 1D RSI breached below the 30.000 oversold barrier and is rebounding.
This is identical in price action to the June low formation which resulted into a bottom that kick-started a rise to the previous Lower High (now Resistance). Even the price action prior to the November 08 High resembles the sequence prior to the April 05 High. In fact both of those highs were made a little over the 1W MA50 (red trend-line). In any case, every time the 1D RSI drops below 30.000 and then rebounds, it is a strong buy signal on the medium-term.
See also the symmetrical trend-lines that have formed first Support (green) and later Resistance levels (red).
The time that BNBUSD may turn into a long-term buy (always as long as the 1W MA200 supports (green trend-line), maybe approaching as the upcoming 320.00 Resistance (Nov 27 High) test will break the 1W MA50 again (something that didn’t happen on the August 10 High). If the fractal continues to be repeated, then the next curve pattern will peak significantly above the 1W MA50, thus turning the Binance Coin into long-term bullish territory.
Perhaps the best time to buy BNB is now, we believe it will be one of the best investments of 2023.