The BINANCECOIN price was in some sort of uncertainty phase with Binance being in the crosshairs of stock market authorities around the world. The crypto had even lost its third place to CARDANO. Binance announced the release of a fund of one billion dollars to promote the popularization of blockchain technology as well as the extension of Binance Smart Chain in the financial sector. The announcement had a bullish effect on the price of BINANCECOIN. Within a day, its price rose from $403 to $440.
D1 interval :
A huge cup and handle pattern can be spotted on the daily time frame. This pattern shows a period of consolidation followed by a breakout of the neckline (red line). The probability of prices moving towards the neckline is high as an Ichimoku signal is about to occur as prices are emerging from the cloud and the lagging span is about to validate the bullish signal. The neckline can be found around $500 and the target of the pattern at $784.
BINANCECOIN, D1 interval, Source : xStation5
H4 interval :
In the H4 time frame, a bullish wave in A,B,C and D seems to be forming. The Ichimoku cloud has stopped the previous declines, allowing the formation of the C low. Since then, Binance prices have been steadily recovering towards the local high in B at $447.50. Breaking again this resistance strengthens the bullish outlook. Hosoda’s price projection gives us a D target of $504.
BINANCECOIN, H4 interval, Source : xStation5
Reda Aboutika, XTB France
