The past 24 hours have seen a spike in prices for Binance Coin as Bitcoin saw a small rise, but the upward movement quickly slowed down. Bitcoin had risen from $38.2k to $41.6k and had fallen to $39.3k at the time of writing. Fantom also pushed higher, but not enough to break the bearish market structure.
Binance Coin (BNB)
Over the past week, the $374-$380 area has acted as a supply area. A strong hourly session saw BNB rise to $382, but this has sold aggressively in the hours since. A visit to this area can be sold one more time in the next few hours.
The long-term trend is downward and the $362 level has been tested multiple times as a support but could break in the coming days or weeks. On the hourly chart, the RSI and the Awesome Oscillator have hovered near neutral territory following the volatility of the past few hours.
The $1.16 area has been a demand area for the past week, but was finally breached a few days ago. Bitcoin’s short-term gains pushed FTM back above the $1.16 area and retested the $1.14 level as a support.
This area provided a good risk-to-reward region to long FTM for a scalp long trade, with $1.22-$1.24 being the take-profit region. The longer term trend pointed to more downward pressure, so a rally may not be in the offing. The CMF was at +0.03 and the MACD formed a bearish crossover above the zero line.
Based on WAVES’ shift from $16.73 to $31, a series of Fibonacci retracement levels was plotted (yellow). Demand has risen sharply in recent hours, as witnessed by the peak in the OBV. This showed that there was a run higher in the coming days. On the plus side, $34 and $37 are targets to withdraw profits.
The hourly RSI was in overbought territory, which in itself does not mean a pullback was imminent.
This post Binance Coin, Fantom, Waves Price Analysis: March 16
was published first on https://ambcrypto.com/binance-coin-fantom-waves-price-analysis-16-march/