Jack's Trading Room | BNB Binance Coin Short Review Update

In our technical analysis released on April 27, 2021, titled "Layout after the buy-in conditions of BNB Binance Coin are met," we mentioned, "Therefore, we can judge that there is a high probability that Binance Coin will break out to the upside within this symmetrical triangle convergence."

On April 27, 2021, we released a technical analysis titled "Layout after the establishment of the BNB Binance Coin buying conditions," in which we mentioned, "Therefore, we can judge that the Binance Coin will likely break out to the upside in this symmetrical triangle convergence."

Currently, we also see the four-hour candlestick chart of Binance Coin, with the price fully retracing to the EMA144 169 moving average support channel in the triangle consolidation range after the buying conditions were met. We shared earlier that the overall trend is still more bullish, and Binance Coin has already broken above the upper resistance trend line of the triangle convergence. The short-term upward movement should pay attention to the two previous highs on the trend line.

These are the red horizontal trend lines at 615.0000 and 638.0500 on the chart. If effectively broken, there is a high probability of advancing towards the two target prices mentioned in the previous article (Fibonacci resistance zone 127.2-138.2 at 751.2150-796.9800 and Fibonacci sequence 150846.0750).

In recent days, the digital currency market has had large fluctuations. It is recommended that operators strictly implement risk control and avoid high leverage and high contract volume operations to prevent additional losses caused by volatile market conditions. This article is a personal opinion. Please read it carefully and refer to it cautiously. Cryptocurrency trading may bring risks to your capital.

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