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Binance Coin is bullish in the short-term with the pair edging closer to the September 2nd, 2018 trading high
BNB / USD medium-term picture remains bullish with a large inverted head and shoulders pattern forming
Bearish MACD price divergence continues to build on the four-hour time frame
Binance Coin / USD Short-term price analysis
In the short-term, Binance Coin is bullish with the cryptocurrency continuing to move to fresh 2019 trading highs. The near-term bullish objective remains the September 2nd, 2018 trading high, close to the 12.0000 level.
Bearish MACD divergence remains present across the four-hour time frame, which could eventually signal a major technical reversal in the BNB / USD pair back towards the 7.5000 level.
The Relative Strength Index on the four-hour time frame is also trading in overbought territory.
BNB / USD H4 Chart (Source:TradingView)
Pattern Watch
The four-hour time frame shows the series of bullish inverted head and shoulders pattern which have recently been triggered.
MACD
The MACD indicator shows bearish price divergence on the four-hour time frame, which may signal a technical pullback in the cryptocurrency once it’s upside objective has been reached.
Relative Strength Index
The RSI Indicator is starting to correct from overbought conditions on the mentioned time frame.
Binance Coin/USD Medium-term price analysis
Binance Coin is bullish in the medium-term, with the BNB / USD pair trading above its 200-day moving average and making bullish higher highs and lower lows on the daily time frame.
Bulls appear to be targeting the important September 2nd, 2018 trading high, which is a significant swing-high from the previous year. The daily time frame also shows that the recent up move has created a large inverted head and shoulders pattern.
Technical indicators continue to rise on the mentioned time frame, although they are now starting to appear overbought.
BNB / USD H4 Chart (Source: TradingView)
Pattern Watch
The inverted head and shoulders pattern remains the dominant theme on the daily time frame.
MACD Indicator
The MACD indicator on the daily time frame is bullish although it is starting to appear overstretched.
RSI Indicator
The Relative Strength Index is bullish, with the indicator now moving into overbought territory.
Conclusion
Binance Coin is bullish on both time frames, although traders should watch for a strong downward technical correction in the short-term due to large amounts of bearish MACD divergence present on the four-hour time frame and the cryptocurrency trading close to its current upside objective.
The formation of the large inverted head and shoulders pattern is a key development to watch, with a sustained break above neckline resistance likely to spark the next major up move in the cryptocurrency.
Binance Coin Chart
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