Binance has had an incredible bullish run during 2019. Price action has risen an incredible 83% from the January 13 2019 low at $5.37 to where it is currently trading today at $9.78. Price action had increased by 4.89% over the past 24 hours of trading as the bulls managed to reach a high of $4.99.

Binance Coin is now ranked in 10th position as it holds a $1.41 billion market cap value. The cryptocurrency is closing in on Tron and Stellar as BNB’s market sits a small $200 million behind these rivals.

Let us take a look at the BNB/USD market and highlight some potential areas of support and resistance moving forward.

BNB/USD – MEDIUM TERM – DAILY CHART

How has the market been behaving?



Taking a look at the BNB/USD market above we can see that price action has managed to recover from the industry-wide cryptocurrency bloodbath that had occurred in November 2018. This price collapse had caused BNB to drop from a high around $9.96 to the December low of $4.60.

Since rebounding at the December 2018 low, BNB/USD has surged back and has managed to penetrate above the previous November 2018 high. In fact, Binance Coin had managed to break above the $10 handle to reach a high of $11.27 before the bullish run had stalled.

The market has pulled back since this high and is now gearing up for a retest of the $10 handle. The current short term trend within the market is neutral. For Binance Coin to be considered bullish, we would need to see price action breaking above the $10 handle again.

Where can we go from here?

If the buyers are successful in overcoming the resistance at the $10.00 level then we can expect immediate further resistance above to be located at the medium termed 1.414 Fibonacci Extension level (drawn in purple) priced at $10.38. This is followed with more resistance at the $10.67 and $11.00 levels.

If the bullish momentum continues to drive price action further above the resistance at $11, then more resistance is located at the short term 1.414 and 1.618 Fibonacci Extension levels (drawn in orange) priced at $11.55 and $12.35, respectively.

Alternatively, if the sellers regroup and push the market beneath the support at the $9.76 level, we can expect immediate support to be located at the short term .382 Fibonacci Retracement level (drawn in green) priced at $8.55.

Support below $7.00 lies at the 618 and .786 Fibonacci Retracement levels (drawn in green) priced at $6.86 and $5.65, respectively. This is then followed with more support at the $5.15 and $4.60 levels.

What are the technical indicators reading?

The RSI is currently trading at the 50 handle which indicates indecision within the market. If the RSI can break above 50 and press higher the bulls will be in control of the market momentum. If this occurs, we should see BNB/USD retest $10.00.