The Binance Coin Price May Get $270 In The Subsequent Recovery!
Key points:
The Binance coin price in the weekly chart
Last week’s candle successfully tested the $210-$220 support zone, but the selling pressure was not strong enough to break through this support area. However, buying power at this level was not strong enough to return to the $270 level (the previous week’s average price).
This week’s candle has already retested the price level at $238, which is last week’s average price. From a technical analysis perspective, the price will move towards retesting the $270 level, checking the demand-supply once again at this level.
The weekly candle shows that it is in a downtrend as there is a Marubozu candle bearish, breaking the uptrend line and pushing the price down to the intersection of EMA 21 and 50. The trend here is downward! However, from the demand-supply perspective, there will be some weekly candle rebound to retest the $270 price level!
The Binance coin price in the daily chart
At the time of writing, the daily candle has a very strong selling pressure, with a substantial price reaction near EMA 50 (at the $254 price level). The daily candle is still following the primary trend of the weekly candle (downtrend) but is still in the process of pumping up to retest the $270 price level.
This indicates a potential reversal shortly, although it remains to be seen whether the buying power at the $270 level will be strong enough to sustain an upward trend. Traders and investors should closely monitor the price movement and take appropriate actions based on their risk tolerance and investment goals.
The Binance coin price in the H4 chart
The H4 chart shows that Binance coin is likely to experience a bullish trend in the short term. The breaking of the wedge pattern and the retesting of the upper edge of the wedge by a few H4 candles are positive signs for the Binance coin price. Moreover, the H4 candle is entirely above the intersection of EMA 21 and 50, indicating a bullish trend.
In addition, the Ichimoku cloud has turned green, another positive sign for the recovery of the Binance coin price at the $270 level. The Ichimoku cloud is a popular technical indicator that provides support and resistance levels, trend direction, and momentum. When the cloud turns green, it indicates that the trend has turned bullish.
Therefore, based on the technical analysis of the H4 chart, it is likely that Binance coin will experience a bullish trend in the short term. However, it is important to keep in mind that technical analysis is not always correct and that other factors, such as market sentiment and news events, can also influence the price of the coin. Therefore, it is essential to keep a close eye on the market and adjust your trading strategy accordingly.
In summary
Although the daily candle is currently showing a significant amount of selling pressure, technical analysis suggests that the price of Binance coin will move towards retesting the $270 level, with some weekly candle rebound to support this level. Furthermore, the upward trend on the H4 timeframe and the Ichimoku cloud turning green provide additional support for recovering the Binance coin price at this level.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to DYOR before investing.