itself has a bullish outlook, although it too faced some resistance around $24.5k. If BTC continues to tick upward, the rest of the altcoin market is likely to follow.The first two days of February saw large green candles on Binance Coin. Over the past few days, since 25 January, the $300 zone was tested multiple times. Each candlewick in that area saw a bounce, which indicated that buyers held firm.
The orange trendline support of the past two weeks was not broken either. $315 has been significant in the past. In late November, a move into this resistance zone saw BNB crash to the $223 low just two weeks thereafter. However, the four-hour session close above $320 was bullish. A retrace into the $307-$310 would be ideal for buyers, but Binance Coin could be set for a more aggressive move upward. In that case, bulls should be prepared to bid on a retest of the $319-$323 zone. It is also possible that BNB catapults higher in the coming hours.
Rather than FOMO-ing, buyers can wait for price action to develop and wait for a flip of $332 to enter longs. To the north, the $350-$360 region represented an H12 bearish order block where bulls can take profit at.The one-hour chart of BNB on Coinalyze showed that the past couple of days saw the spot CVD take a massive U-turn. This showed strong demand from buyers and indicated that the rally was likely to continue upward.
The surge in OI alongside the prices pointed toward bullish dominance and suggested a bearish flip was unlikely to happen soon.Subscribe to get it daily in your inbox.
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Source: CryptoAmb - 🏆 22. / 68 Read more »
Source: CryptoAmb - 🏆 22. / 68 Read more »