Binance (BNB/BTC) Technical Analysis for 02/14/2018 – Upside Barriers

Source : Binance (BNB/BTC) Technical Analysis for 02/14/2018 – Upside Barriers
Binance is still trending lower on its 4-hour time frame and is testing the descending channel resistance. A bounce off this level could take it back down to support at 0.0008.
The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside. This suggests that the selloff is more likely to resume than to reverse. The gap is also sufficiently wide to keep sellers in control for a while.
However, stochastic is indicating oversold conditions and is turning higher to signal a return in bullish momentum. RSI, on the other hand, is moving south so price could follow suit.

On the 1-hour time frame, price is consolidating inside a descending triangle pattern. Price is at the peak of the pattern to signal that a breakout is due soon.
The 100 SMA is above the longer-term 200 SMA on this time frame, though, so the path of least resistance might be to the upside. Then again, the gap is narrowing to reflect weakening bullish pressure.

A downside break could lead to a selloff of the same height as the triangle pattern, which spans from 0.0010 to 0.0015. Stochastic is pointing down to show that sellers have some energy left while RSI is treading sideways to reflect further consolidation.
Bitcoin appears to be gaining some traction as it formed an inverse head and shoulders to the dollar on the 1-hour chart. A break higher could support bitcoin against the rest of its peers like Binance. Keep in mind that bitcoin has been tracking risky assets like stocks and commodities recently while risk sentiment pushes prices around.
An extension of risk-taking for the rest of the week could lead to a downside break for BNBBTC as bitcoin is likely to take more advantage of risk-on flows. On the other hand, profit-taking or another correction in equities could drag bitcoin along with it.
The post Binance (BNB/BTC) Technical Analysis for 02/14/2018 – Upside Barriers appeared first on Bitcoin Network, News, Charts, Guides & Analysis.

Laisser un commentaire

Do NOT follow this link or you will be banned from the site!