![Binance Coin’s [BNB] breakout above $300 means this for the market’s bulls](https://i.headtopics.com/images/2023/3/16/cryptoamb/binance-coin-s-bnb-breakout-above-300-means-this-f-binance-coin-s-bnb-breakout-above-300-means-this-f-1636118573461430275.webp)
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion The daily market structure has turned bullish A pullback as deep as $290 remains a possibility though Binance Coin [BNB] reacted extremely positively over the past two days of trading. The bullish euphoria over […]
gains translated across the crypto-market and BNB gained by 20.5% within four days. A retracement before a sustained move higher up the charts remains possible too.On the daily timeframe, the market structure for Binance Coin seemed to be bullish once more. The recent lower high at $294 was beaten during the latest reversal, but the $309-mark has posed some resistance over the past 24 hours.
The Value Area High and Low were found at $322.8 and $274.7, respectively. This meant that $304.2 and $274.7 are two levels buyers will be interested in. In fact, a set of Fibonacci retracement levels were drawn based on the latest surge too. It showed the 78,6% retracement level lay at $276.7, which was almost the same level as the VAL. Moreover, the price action from early March showed the $285-$292 region was significant support on the lower timeframes. The RSI crossed over above the neutral 50-level and indicated bullish momentum had taken root. The OBV also recorded gains and could continue higher.Therefore, longer-term buyers can wait for a retracement into the $285-$292 zone.
The rising spot CVD underlined strong demand, but the Open Interest dipped over the last 48 hours. And yet, the price has appreciated during this time, which is evidence of weakening bullish sentiment.Subscribe to get it daily in your inbox.
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