Binance Coin (BNB) Flies to New All-Time High

After validating the previous breakout level, Binance Coin (BNB) reached a new all-time high on Feb. 2, 2021.

While the trend is clearly bullish for the Binance Coin-USD pair, it’s not yet clear if BNB/BTC has begun a bullish reversal.

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Binance Coin Breakout Leads to All-Time High

While BNB has been moving upwards since March 13, 2020, it failed to clear the all-time high resistance of $38 until January 2021.

BNB validated the $38 level as support, before resuming its upward movement.

So far, BNB has reached an all-time high price of $52.53 on Feb. 2.

Technical indicators in the weekly time-frame are bullish, supporting the continuation of the upward movement.

The readings from the daily time-frame support this possibility, showing multiple retests of the $38 area. This has also been combined with a hidden bullish divergence in the RSI.

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The MACD is also moving upwards, and the Stochastic oscillator is very close to making a bullish cross. This seems to indicate that the trend is bullish and BNB is expected to continue moving higher.

BNB Daily Readings — BNB Chart By TradingView

Wave Count

The wave count suggests that BNB is nearing the top of wave three of a bullish impulse (shown in white below) which began with the March 2020 lows.

BNB has reached a cluster of possible targets between $51.34-$53.81, found by using a combination of Fib extensions, projections, and external retracements.

While it’s possible that wave three extends all the way to $65-$69, it’s more likely that it will stop near the current level.

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The sub-wave count is given in orange.

BNB Wave Count — BNB Chart By TradingView

BNB/BTC

Cryptocurrency trader @Thebull_Crypto outlined a BNB chart, stating that a pump is likely incoming, giving a possible target of ₿0.0019

While BNB/BTC has bounced at the 0.786 Fib retracement level, it still faces strong resistance at the previous breakdown level at ₿0.0019.

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While technical indicators are clearly bullish, the trend cannot be considered so until BNB manages to reclaim the ₿0.0019 level and validate it as support.

BNB/BTC Movement — BNB Chart By TradingView

Conclusion

To conclude, while the long-term trend for BNB/USD is still bullish, a short-term retracement could occur prior to the resumption of the upward move.

BNB/BTC needs to clear the closest resistance area for the trend to be considered bullish.

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