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Binance Coin rose above resistance; retracement could be a buying opportunity. The market structure remained bullish.
Binance coin [BNB] beat the 12-hour bearish order block near $316 after two weeks of battle. At the end of November 2022 and since mid-January 2023, the $315 zone has been offering solid resistance to BNB bulls.
How much is 1,10,100 BNB worth today?
USD 332 and USD 350 are the impending major levels of resistance for Binance Coin. Bitcoin [BTC] itself has a bullish outlook, although it also encountered some resistance around $24.5k. If BTC continues to rise, the rest of the altcoin market will likely follow suit.
The $320 H12 order block was beaten convincingly
The first two days of February saw big green candles on Binance Coin. In recent days, since January 25, the $300 zone has been tested several times. Every candlestick in that area bounced, indicating that buyers were holding firm.
The orange trendline support of the past two weeks was also not broken. $315 was significant in the past. In late November, a move into this resistance zone caused BNB to crash to the low of $223 just two weeks after.
However, the four-hour session above USD 320 was bullish. A return to $307-$310 would be ideal for buyers, but Binance Coin could be set for a more aggressive upward move. In that case, bulls should be willing to bid for a retest of the $319-$323 zone. It is also possible that BNB will catapult higher in the coming hours.
Instead of FOMO-ing, buyers can wait for price action to develop and wait for a $332 flip to enter longs. In the north, the $350-$360 region represented an H12 bearish order block for bulls to take profits on.
Spot CVD and Open Interest are seeing huge gains
BNB’s hourly chart on Coinalyze showed spot CVD making a huge U-turn over the past few days. This showed strong demand from buyers and indicated that the rally is likely to continue to the upside.
Realistic or not, here is the BNB market cap in terms of BTC
The predicted funding ratio was also positive and has remained so for the past two weeks. This suggested that market participants were generally bullish. The market structure turned bullish after BNB crossed $256 in early January. A move back below the $300-$304 mark will flip this trend to bearish.
The rise in OI alongside prices indicated bullish dominance and suggested that a bearish flip was unlikely to happen any time soon.
This post Binance Coin Breaks Above USD 320 With Conviction; where to now?
was published first on https://ambcrypto.com/binance-coin-breaks-above-320-with-conviction-where-to-next/