The past five days of trading have seen resistance levels incrementally lower for Binance Coin as the broad cryptocurrency market has grown cautious.
BBNB/USD has stumbled the past week-and-a-half of trading as the broad cryptocurrency world has run into headwinds. However, on the 19th of February, Binance Coin was able to establish record highs near the 340.0000 mark. The move downwards for BBNB/USD has been rather steep, though, and a value of 195.0000 was touched yesterday.
Since touching yesterday’s low water marks, which also tested support levels experienced on the 23rd of February, BBNB/USD has reversed higher. The higher move this morning sets the table for speculative consideration which may prove decisive short term. Values now being traded by BBNB/USD are testing important resistance levels and ,if they are broken higher, this could create speculative buying on the notion that additional momentum will be found to the upside. The 246.0000 level above could prove to be crucial; if punctured higher, a test of higher resistance near 280.0000 could quickly ensue.
Support levels are also nearby and must be watched. If the 220.0000 begins to see a challenge, it could set off alarm bells for traders of BBNB/USD who may be tempted to believe another leg down will develop. Binance Coin has proven to be volatile in February and it can be a highly speculative cryptocurrency. Traders are cautioned to use appropriate amounts of leverage.
If speculators are looking for more bearish activity to build within BBNB/USD they will likely have their eyes on the 200.0000 valuation. A strong move lower through support of 220.0000 could see another test of this level. Technically, if the 200.0000 juncture proves to be vulnerable, it could ignite another important whirlwind of volatility for BBNB/USD.
It should be remembered by speculators that BBNB/USD was trading near 128.0000 on the 17th of February before seeing its dramatic surge upwards to record highs achieved only two days later. Speculative forces certainly helped Binance Coin gain and the sell-off demonstrated since reaching record heights certainly involves profit-taking.
Speculators should monitor BBNB/USD carefully within its current value range. One potential tactic for traders is to buy when resistance levels have been penetrated higher, or to sell when support levels which are within reach have been broken lower. Taking advantage of short-term momentum within Binance Coin may be the best approach while the cryptocurrency world remains nervous.
Binance Coin Short-Term Outlook:
Current Resistance: 246.0000
Current Support: 220.0000
High Target: 280.0000
Low Target: 204.0000