BNBUSD Closing above the 1D MA50 can target $555

The Binance Coin has been forming a bottom pattern since the January 22 low, in a similar fashion as the May - July 2021 bottom formation.

As this 1D chart shows, the 2021 bottom sequence came to an end when BNBUSD closed a 1D candle above the 1D MA50 (blue trend-line) for the first time in more than 2 months. At the same time, the MACD indicator (bottom of the chart), was posting a 3/2 Bullish/ Bearish Cross sequence after the first low on the price's Triple Contact Support Zone. When that happened, the price rallied immediately to the 0.618 Fibonacci retracement level and then filled the gap near the $700.0 Resistance (and ATH).

If the patterns continues to repeat the 2021 fractal, then the current 0.618 Fib is exactly at $555.00 and that will be our target upon break-out.



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