After gaining approximately 4.50 percent, Binance Coin lost almost all that value yesterday.
At the moment, BNB seems to be held by support provided at the 150-day moving average.
If the bearish engulfing pattern is validated, a break below the moving average is expected.
Falling below the 150-day moving average could take Binance Coin to test the support given by the 200-day moving average, currently at $24. It is worth noting that since mid-July BNB mostly traded between the 150-day moving average and the 100-day moving average.
If the 150-day moving average continues containing the price of BNB, then a rebound to the 100-day moving average seems more likely.
A move below the lower trendline marks the start of a new bearish trend.
A move above the upper trendline indicates the start of a new bullish trend.
As Bitcoin continues signaling a move back above $11,000, altcoins appear to have more legs to go down.
At the moment, Binance Coin is sitting at a pivotal point where it could continue trading between the 100 and 150-day moving average or drop to a new low.
Along the same lines, Chainlink could soon move 28 percent in any direction if the symmetrical triangle seen on the 12-hour chart is validated.
Binance Coin and Chainlink at pivotal trading points while TRON remains bearish
Published on Aug 20, 2019
by Cryptoslate | Published on Coinage
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