BNB/USD has continued its upward trend this week, and broke through important resistance in early trading today.
BNB/USD is trading near the 443.0000 juncture as of this writing. Binance Coin has sustained a solid bullish run which began around the 13th of March, when BNB/USD was trading near the 360.0000 level. The momentum higher via BNB/USD has mirrored the broad cryptocurrency market, but Binance Coin has produced one of the best percentage gains during this period.
This morning’s higher values has touched prices last seen in early February and in fact surpassed them. The high made on the 8th of February was near the 446.0000 juncture; today’s early apex was around the 452.0000 ratio. Yes, BNB/USD did reverse lower after this morning’s high, but the selloff was not violent and support levels appear to be maintaining durability.
While BNB/USD has been within a long term bearish trend, a shift of sentiment among speculators is starting to become stronger. The ability of BNB/USD to consistently break through resistance levels is likely beginning to attract additional speculators who may feel the trading waters are behaving in a less turbulent manner for those who want to be buyers and pursue additional upside.
This morning’s attack higher actually started to challenge values BNB/USD has not traversed since the third week of January. Values up above, near the 455.0000 to 465.0000 levels will be very important for Binance Coin. If BNB/USD can demonstrate ability to flirt with these ratios it could ignite another wave of bullish sentiment.
Traders are reminded not to be overly ambitious, particularly if they are day traders. Speculators should be comfortable enough to cash out winning positions when they are produced and not push the envelope forward in pursuit of even higher gains that may take a longer duration to accomplish. Holding positions overnight when trading can become expensive.
Support levels should also continue to be monitored, because as seen this morning reversals lower do occur. Winning positions can disappear quickly for traders who have only recently initiated their positions. In other words traders should consider cashing in profits when attained, because BNB/USD can be volatile quite suddenly and demonstrate selloffs.
Cautious speculators may want to continue to pursue upside in BNB/USD and enter the market on small reversals lower which come within sight of short term support levels. BNB/USD near term has a bullish outlook via technical charts, but traders still must practice risk management wisely to guard against unexpected downturns. Using take profit orders with a targeted goal in mind is encouraged.
Current Resistance: 445.5000
Current Support: 439.7700
High Target: 454.1000
Low Target: 433.6700