Binance coin (BNB) – Nourishing its bullish zigzag coursePosted on Wednesday, December 1 2021 at 9:10 pm GMT+0000
Binance coin (BNB) stepped on the ascending trendline stretched from September lows and reversed a large part of the latest pullback from the 696.1 high, nourishing its well-established bullish zigzag course which has been safeguarded by the persistent positive bearing of the 55- and 100-day exponential moving averages.
As regards the price momentum, the RSI is positively skewed above its equilibrium level. The MACD has been resting in the positive area from early October and has just crossed above its signal line affirming the rising positive impetus.
If bulls continue pushing higher, the 680 – 705 region, encapsulating the all-time high, could prove a tough obstacle to overcome. By successfully conquering it, they may target the 161.8% Fibonacci extension level of the last down-leg at 809. Next, profit-taking actions could be triggered somewhere around the 227.2% Fibonacci level at 928.
On the other hand, if sellers return to the game and drive the price beneath the supportive trendline and the 55-day Exponential moving average, they could encounter the last reaction low at 513 and the neighboring 100-day exponential moving average. Some distance lower, the October 27th low at 436, could try to prevent further price depreciations.