• Binance Coin [BNB] has seen a 20.5% surge within four days, with the daily market structure turning bullish.
• Positive confluence of support is found at $292, and the POC lies at $304.2.
• Spot CVD has surged past February highs in response to demand and long positions are dominant in the market.
Bullish Market Structure for Binance Coin [BNB]
Binance Coin [BNB] reacted extremely positively over the past two days of trading. The bullish euphoria over Bitcoin’s gains translated across the crypto-market and BNB gained by 20.5% within four days. A retracement before a sustained move higher up the charts remains possible too.
Daily Technical Analysis
On the daily timeframe, the market structure for Binance Coin seemed to be bullish once more. The recent lower high at $294 was beaten during the latest reversal, but the $309-mark has posed some resistance over the past 24 hours. A strong confluence of support at $292 was observed along with a set of Fibonacci retracement levels (yellow) were drawn based on the latest surge that showed 78,6% retracement level lay at $276.7 which was almost same as Value area high[VAL]. Moreover, price action from early March showed that region between 285-292 had significant support on lower timeframes . The RSI crossed over above 50 level which suggested that bullish momentum had taken root in market and OBV also recorded gains which could continue further higher.
Positive Demand & Long Positions
The funding rate had been negative over last two days but it slowly climbed above into positive territory which implied that long positions were once again dominant in market signs of possible flip in sentiment . Spot CVD has surged past February highs due to strong demand while Open Interest dipped slightly during last 48 hours . Despite this price appreciated showing weakening bulls in short term .
Longer term buyers can wait for retracement into 285-92 zone or risk averse traders can look for positive reaction for three days before buying & trading with trend .
The information presented does not constitute financial , investment , trading or other types of advice and is solely writer’s opinion