BinanceCoin trades beneath the crucial $250 mark, where to next?
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.The Open Interest and spot CVD showed a different picture compared to the OBV’s findings.
has a bullish structure in the market. Its lower timeframe price charts showed upward momentum and the volume indicators showed demand was present. Yet, BNB faces intense resistance to the north.The $250 and $252 are psychological and technical levels of significance. Can bulls wait for a breakout past these levels, or will it be another liquidity grab? The direction ofThe bullish market structure of Binance Coin meant buyers hope for a breakoutThe recent lower high on the H4 chart at $240.
The area highlighted by the red box represented a bearish order block on the 4-hour chart that extended up to $248.6. A move above this mark would suggest bullish intent, although it can be too early to trade the breakout. The momentum was bullish with a value of 59.3 on the RSI. The OBV was also in a slow but steady uptrend over the past three days.
On 22 June, the market structure was bullish as prices climbed past $255, but faced a reversal at $257. Similarly, a move higher in the coming hours could prove to be a liquidity hunt. Above $255, the $265 level is also an important resistance. Hence, buyers should exercise caution and size their positions knowing that the trade was extra risky given the price action in recent days.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Blue Jays trade targets: 5 players who could bolster Toronto's rosterThe Blue Jays have a multitude of needs ahead of the MLB trade deadline. Here are five players who could give them a boost.
Read more »
San Jose Sharks trade Artemi Kniazev to Winnipeg Jets for Leon GawankeBoth players spent the past season in the American Hockey League.
Read more »
Damian Lillard asks the Trail Blazers for a trade, team confirmsDamian Lillard has asked the Portland Trail Blazers for a trade, a move that will end the seven-time All-Star's 11-year tenure with the team.
Read more »
Montreal Canadiens trade Joel Edmundson to Capitals, Jonathan Drouin signs with AvalancheIn return, the Canadiens received third-round and seventh-round draft picks in 2024
Read more »
NHL free agency 2023: Canadiens trade Joel Edmundson to Capitals for picksThe Montreal Canadiens are moving on from a player who had been a big part of their defence corps over the last three seasons.
Read more »
Canadiens trade defenceman Joel Edmundson to Capitals for picksThe Montreal Canadiens traded defenceman Joel Edmundson to the Washington Capitals for a third-round and a seventh-round draft pick in 2024 on Saturday.
Read more »