Binance Coin Price prediction: Triangle Pattern Holds For Now

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Written By: Elliott Laybourne
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    Summary:
  • The Binance coin price continues to grind higher but so far has struggled to break $430. Will this mark the top of the recovery for BNB?

The Binance coin price continues to grind higher but so far has struggled to break $433. Will this mark the top of the recovery for BNB?

Things were looking up on Thursday, and BNB had just printed a 2-week high of $433.13. Then Elon Musk dropped his ‘Bitcoin Break up’ tweet, sending BNB sharply lower by -15% to $365.48.

By Yesterday the Binance coin price had recovered most of the losses and was back to $426.48 and looking like it would finally break higher.

Then came this:

Ok, this may need some explaining. The cryptic tweet is a reference to the adult-themed crypto token Cumrocket.

This sent $Cummies screaming higher by +400% but had the reverse effect on Bitcoin, Ethereum, and Binance coin. BNB traded down to $374.02 and below the support of a rising trend line.

The price has since managed to recover the trend line at $385.60 and is currently treading water at $394.15

Binance Coin Price Outlook

The 4-hour chart illustrates the supportive uptrend in place from the 23rd of May low at $210.95. This is a key level and should the price break decisively below this line, it could suggest the recovery has faltered.

Initial support is at the 4th of June low of $365.48 and below that, the $291.56 low from May 30th.

Of course, should the price hold, the recent resistance at $433.13 becomes the price to watch. If this level is cleared, the Binance coin price may well be back in business.

A close above the resistance would have bulls looking for $500.

In the meantime, the best policy is to wait for either of the above scenarios to play out. The momentum on a break of triangle formation could result in a material price movement.

BNB 4-Hour Chart

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Written By: Elliott Laybourne

Elliott Laybourne is an accomplished Hedge Fund sales and Investment bank trading specialist. Elliott also started a successful Base Metals Brokerage business in partnership with ABN AMRO clearing bank. He worked on the open outcry trading floors at the London International Financial Futures Exchange 'LIFFE' and the London Metal Exchange 'LME.' He also provided research and execution services for Goldman Sachs, JP Morgan, Credit Suisse, Schroders Asset Management, and Pennsylvania State Public School Employees Retirement System, as amongst others. Today, he focuses on providing trading consultancy and business development services for family office and brokerage clientele.

Published by
Written By: Elliott Laybourne