Binance Coin Price Analysis: Symmetrical Triangle Formation

Binance Coin’s Indicators: Indecisive
  • Binance coin is forming a symmetrical triangle, which is likely to give either side break 
  • Binance coin is currently consolidated between the supports and resistance as well as the pivot levels are at $205 and $333
Source: TradingView

Binance coin price is currently trapped between two pivot levels of $205 and $333 and forms a symmetrical triangle pattern. The volume analysis suggests consolidation to persist unless there is any newly induced buying or selling pressure. The daily volumes have vanished, suggesting a lack of participation by participants and the likelihood of a strong rally on either side. The market cap and 24-hour volumes are $38,976,334,455 and $1,980,940,160 respectively. 

Binance Coin’s Indicators: Indecisive 

Source: TradingView

Left Image: In the daily time frame, the Binance coin’s price approaches the symmetrical triangle’s vertex, with small Doji candles indicating indecisiveness in the market. The Fibonacci levels indicate possible supports along $250, $225 and $200. Meanwhile, resistance could be at $287 and $333. 

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Right Image: The price just breached down the 10-EMA but didn’t bring in any selling pressure; rather, it is consolidated between 10-EMA($267) and 20-EMA($247). 50-EMA and 200-EMA are buttressing price at $195 and $93. 

Bollinger Bands have initiated the process of contraction, indicating a decline in volatility. The median(10-EMA) and the upper band may force the price down at $267 and $300, while the support is expected from the lower band at 235. 

The RSI is currently dormant, ebbing towards the 50 levels, which brought a strong rally last time when touched upon. The MACD(8,21,5) gave two false signals recently and is ebbing back to 0 levels. 

Conclusion: 

Binance coin’s price is consolidated at the vertex of the symmetrical triangle pattern with RSI and MACD dormant at the same levels. Volumes haven’t hinted any direction yet, other than the fact that the trend is approaching an end as the volumes have almost faded. 

Support: $250, $225 and $200-$205

Resistance: $286 and $330

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Kartik Dhankanihttp://thecoinrepublic.com
Kartik Dhankani is a BAF Student based out of India and a stock market trader and Financial Analyst. He seeks to diversify his reach to different investment alternatives and analyse them using his knowledge for fundamental and technical analysis

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