BNB/USD was able to move to a five day high early this morning, and this incremental climb may attract speculative wagers on the buy side, or not.
BNB/USD is trading near the 333.5000 mark as of this writing. Â Earlier this morning Binance Coin moved to a high not seen since the 10th of May when BNB/USD actually hit the 338.2000 vicinity. The ability to break through highs seen on the 23rd of May, when BNB/USD hit the 337.2500 ratio may get the pulse of speculative bulls racing, but it may attract skeptics too.
Before traders who remain optimists about the potential of buying BNB/USD, this if they consider the cryptocurrency in oversold territory, some words of warning: we are still within a bear market until proven otherwise. Â The sudden rise in value of BNB/USD has come on the heels of an incremental climb which technically could be important if the broad cryptocurrency market were to suddenly turn around in mass, and start showing sincere price velocity upwards breaking resistance levels across the board, but it has not.
Skeptics who remain doubtful of BNB/USD and its price direction may view the recent climb higher as an opportunity to be sellers again. Traders are advised not be contrarian all of the time, sometimes moves higher can ignite into powerful trends in cryptocurrencies, but recent history has demonstrated that these moves upward have met stiff resistance and turned lower with dangerous volatility.
While bullish traders may respectfully disagree, BNB/USD would have to break the 340.0000 mark to really get folks to believe there is a chance that momentum is shifting. Technically, it can be argued that BNB/USD would actually have to break the 350.0000 ratio to verify a strong move higher, until this happens what we may be witnessing are mere short term reversals in a cryptocurrency market that remains choppy at best. The long term bearish trend remains intact for now and market conditions are still very fragile.
If BNB/USD falters and drops below the 333.0000 level near term another test of the 331.0000 mark could develop rapidly. Traders who want to sell and believe resistance will start to prove durable within the current price realm of Binance Coin are advised to use their risk taking tactics wisely. The cryptocurrency market remains volatile and sudden moves could develop quickly. The use of entry price orders and stop losses are needed. Selling BNB/USD and looking for lower values near term may be the speculative wager traders want to pursue still.
Binance Coin Short-Term Outlook
Current Resistance: 336.8100
Current Support: 331.9000
High Target: 340.2300
Low Target: 323.1000
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