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End of bearish scenario?
BNB has been undertaking a very significant retracement process since June, as most of the cryptocurrency market. During this process, it has already decreased by 50%. It was, along with Litecoin, one of the coins that had the best performance during 2019 so far before the falls began.
Now the price is being exchanged at $20, which is key support for BNB. This support has been a demand zone in the past, therefore the price has chances to bounce back up and probably initiate a new trend. However, it is still very soon to talk about a trend reversal.
In order to confirm a potential trend reversal, the price would need to break R1 with a lot of volume, make a pullback to R1, which then would become a support, and attach R2. Until then, taking long positions in this market can be risky.
BNB/USD market will offer profitable opportunities in a potential trend reversal, as discussed in the section Potential scenario or with pullbacks along with the downward trend.
By selecting the indicator Aroon combined with the OBV you can to open long positions when the trend is gaining positive momentum and the volume is increasing. Hence, not opening positions when the bears are still in control.
The price has recently been rejected by S1, that is, the demand is present in that zone and has pushed the price back up. It is possible to spot an engulfing bullish pattern on S1. It is a bullish reversal pattern represented by two candles. The second candle totally engulfs the first one and starts an upward movement.
So, our short term price levels are:
Support—> S1: 20 & S2: 17
Resistance—> R1: $23 & R2: $24.5
Medium-term levels:
Supports—> S3: 15 & S4: 11
Resistances—> R3: $30 & R4: $32
Bounce will come after correction
User AlexWinkler doesn't believe BNB has sold off due to the halting of US accounts. They have super bullish news with their new Binance US exchange + all ALT's sold off some over 60% while BNB is around -50%. The current period is a correction – BNB has all chances to start bouncing and reach $24 resistance line in the nearest weeks.
From $20 to $50
The analysis of this chart was made only with Fib. Retracement and Fib. extension. Check out this precision of extreme Fibonacci calculations. RomanSanetrik is claiming that TA is working, and he seems to be right. The bigger is Time Frame, the more precise is the target. On this chart, we can see that BNB might touch the lower support zone (around $18-19) but then retrace and touch $50 level in the longer term.
BNB/BTC is risky but rewarding
On the chart, we can see BNB has been into multi-year trendline here, which is also the 78% retrace from all-time highs. The level is a little risky but the reward is great if the recent lows hold.
Bottom Line
BNB is expected to grow exponentially – we just need to wait a bit. If the altcoin season has truly started, BNB will surely overcome $24 resistance in September-October. Right now, we can wait for an ideal chance to enter and buy BNB. You can do it right not at $20 level, or wait for BNB to touch $18-19 support (which also can happen).