Technical Analysis and Market Entry: Binance Coin Bulls Have Laid the Foundations for Another Rocket Higher 

Binance Coin
  • Binance Coin is moving back within an upside trend, running towards its fifth consecutive week in the green.
  • BNB/USDT bulls have laid the foundations for further moves to the north.  

BNB/USDT: Recent Price Behaviour

Binance Coin’s recovery is firming each week, currently on a consecutive run to the north, approaching five weeks. BNB/USDT is back to trading at its highest level since mid-September. It comes after the price bottomed out down at the $14 territory, after the heavy fall between June – September. The weekly candlestick produced a morning star formation on the week of 30 September. 

BNB/USDT within the current trend higher has gained some 40%, as the price looks to recover the drop as noted above. The price had been on a strong move to the upside at the start of 2019, following the 2018 bear market. Binance Coin rallied over 700% from $4 territory, up to an all-time high at $39. The bulls will be looking to regain that momentum to the north. The foundations have already been laid for those greater moves. 

BNB/USDT daily chart.

BNB Coins Traceable with CipherTrace

Binance Exchange is increasing its Anti-Money Laundering efficiency, after a recent integration with CipherTrace. BNB Coins will be traceable and transactions within the Binance decentralized exchange for best practices.

CipherTrace operates within the IT security sector based in the U.S and currently services over 700 crypto coins. The firm now has a new institutional market from the alliance with Binance; a partnership that began back in April and has been on course.

Binance Chief Compliance Officer, Samuel Lim, detailed that this move places them at a better position in terms of doing business.

Lim said:

This partnership with CipherTrace would ultimately encourage greater community involvement, developer participation and public interest in Binance Chain and pave the way for larger mainstream adoption.

Binance will be leveraging the CipherTrace technology for the identification of problematic digital addresses and track the on-chain transactions. Furthermore, third parties, such as developers and regulators, can now access the necessary data from Binance’s clients.

Trade Recommendation 

Price action via the daily chart view is moving within a bullish pennant structure, subject to a breakout to the upside. Given this pattern, a further move north is attractive from the current market price. Targets to the upside would be; $22, $23 and then $29. Stops to be placed just below at $19. 

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Ken has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.