Binance Coin’s [BNB] breakout above $300 means this for the market’s bulls
15 Mar 2023 9:30 PM
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 […]...
- Binance Coin (BNB) has gained 20.5% in four days due to Bitcoin's gains.
- The daily market structure for BNB is bullish, with a recent lower high beaten.
- There is a strong confluence of support at $292, with the price retesting the Point of Control (POC) at $304.2 as support.
- Longer-term buyers can wait for a retracement into the $285-$292 zone, while more risk-averse traders can wait for a positive reaction over three days before buying.
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The article presents a bullish sentiment towards Binance Coin, with the market structure turning bullish and a strong confluence of support at $292. However, there is also a possibility of a retracement before a sustained move higher up the charts.
What caused Binance Coin to gain 20.5% in four days?
What is the current market structure for Binance Coin?
Where is the strong confluence of support for Binance Coin?
What is the recommendation for longer-term buyers and more risk-averse traders?
What is the funding rate and what does it imply about the market sentiment?