- January 4, 2023
- Posted by: Tradingshot Articles
- Category: Cryptocurrency
The Binance Coin (BNBUSD) has had a major bullish break-out yesterday as it broke above the Lower Highs trend-line that was in effect since November 05. At the same time it crossed above the 4H MA50 (blue trend-line) but is so far being rejected on the 4H MA200 (orange trend-line).
This is a critical test as BNB has almost completed a full month of trading below the 4H MA200 and failure will invalidate yesterday’s bullish break-out bias and could reverse investor psychology back to bearish, selling to the 4H MA50 short-term and 240.00 medium-term.
A break above the 4H MA200 however, with the 1D MACD on a Bullish Cross, should start testing the upper Fibonacci retracement levels: 0.382 at $274, 0.5 at $290 and 0.618 at $307.