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BNB Perpetual Futures Contract

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BNBUSD.P trade ideas

Binance Coin: potential for $200 supportGeneral negative market sentiment is continuing to impact the price of BNB coin. During the previous week, the coin was making modest moves between levels of $242 down to $204. Support line at $200 has not been clearly tested on this occasion. As of the end of the week buying orders started to emerge, which stopped the price of moving further to the downside. RSI is moving sort of sideways during the last two weeks, between levels of 44 and 37. It is a clear reflection of the spot market, where investors are still not certain which side to take. On a positive side is that the moving average of 50 days is slowing down its divergence from its MA200 counterpart. Still, path reversal is not indicated on the charts, in which sense, potential cross might take some time in the future. Technical analysis is implying that there is probability for a support line at $200 to be tested in the coming days. At this moment, there is no clear indication that this line might be breached to the downside. In case of a short term reversal, the price of BNB might revert back to the level of $240, eventually $250 resistance line.
BINANCE:BNBUSD
by XBTFX
Binance Coin: macro fundamentals are directing price moves During the previous week there was positive news for Binance exchange, that the company is planning to expand its business introducing a platform for VIP and institutional clients. It was also positive that the company is hiring professionals from the crypto industry during a period of time when the majority of its competitors are decreasing in number of employees. BNB did not react to this news, but was following general crypto market sentiment, making a modest move to the upside. This in practice shows how strong the impact of macro fundamentals is at this moment. During the previous week BNB was moving in a line with general crypto market sentiment. Current bottom line has been reached at the $200 support line. Coin entered into a short reversal, reaching its highest weekly level at $241. Resistance line at $250 has not been tested, leaving room for a coin to test it in the following period. The Relative Strength Index moved from the oversold zone, but managed to reach 44. This indicates that the market is still not in a stage of clear price reversal to the upside. Moving averages of 50 and 200 days are modestly diverting from each other, still following downtrend. Technical analysis is indicating potential for a resistance line at $250 to be tested in the coming days. On this path, there is probability for a short move to the downside, in order for the support line at $200 to be tested for one more time, before a final reversal toward the resistance line.
BINANCE:BNBUSD
by XBTFX
1
Binance Coin: moving in oversold areaWithin a single week BNB lost some 29% in value. This came as a result of the negative market sentiment and general push of asset prices to the downside. BNB started the week testing $250 support line but soon managed to break it and finish the week around $190 next support. During the whole week RSI was moving in the oversold territory, around level of 23. Moving averages of 50 and 200 days continue to move with modest divergence from each other and with a clear down trend. Main question at this moment is if the market has reached its bottom in price correction, after which short price reversal might be expected? To answer this question, Monday will be a day to watch. In case that correction is over, it could be expected for the price of BNB to return to the previous significant level at $250. However, if correction continues, there is some probability for a support line at $150. Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
BINANCE:BNBUSD
by XBTFX