Binance (BNB) technical analysis:
Trade setup: Following a big drawdown in June, price has stabilized in a Sideways Channel ($220 – $260). Swing Traders can trade the channel (Enter near $220 support and Exit near $260 resistance).
Pattern: Price is trading in a Sideways Channel , which is a neutral pattern (indication of market indecision). Trend Traders ought to wait for a breakout in either direction, although typically it breaks in the direction of the existing trend. Swing Traders can trade the range – Buy near Support and Sell near Resistance.
Trend: Neutral on Short-Term basis and Downtrend on Medium- and Long-Term basis.
Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI ~ 50 (Neutral).
Support and Resistance: Nearest Support Zone is $220. The nearest Resistance Zone is $260 (previous support), then $300.
Trade setup: Following a big drawdown in June, price has stabilized in a Sideways Channel ($220 – $260). Swing Traders can trade the channel (Enter near $220 support and Exit near $260 resistance).
Pattern: Price is trading in a Sideways Channel , which is a neutral pattern (indication of market indecision). Trend Traders ought to wait for a breakout in either direction, although typically it breaks in the direction of the existing trend. Swing Traders can trade the range – Buy near Support and Sell near Resistance.
Trend: Neutral on Short-Term basis and Downtrend on Medium- and Long-Term basis.
Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI ~ 50 (Neutral).
Support and Resistance: Nearest Support Zone is $220. The nearest Resistance Zone is $260 (previous support), then $300.