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BitcoinNews BNB Market Analysis: The Price Zone of $24-25 Is in Jeopardy.

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BNB market analysis 24 July 2019

Throughout the week from the previous analysis, BNB buyers are trying to regain their positions at the price they lost as a result of the fall from 22 June.

With the help of noticeably large volumes of trading, buyers can test the red trend line, which they did not keep on 11 July. It is already the second test of this line, but not as successful as the previous one. The fact is that on 12-13 July, buyers had a real chance to fix above the red trend line. The day candle on 12 July looked confident, something you would not say about the day candle on 22 July:

BitcoinNews.com BNB Market Analysis

The 4-hour timeframe clearly shows the difference between these two situations. In the first case, buyers’ initiative is clearly visible, which gradually went to consolidation. And only then there was a change of forces in the market. In the situation on 22 July, we see that immediately after buyers tried to break through the trend line, sellers responded quite sharply and buyers still did not give any answer:

answer

Since, currently sellers control the situation, there is a high probability of a repeat test of the price range of USD 24-25 and attempts to exit the black channel of the price movement.

Therefore, it is important to see exactly how sellers will visit the purple price zone. Decreasing trading volumes during the fall and test of the purple price zone will mean the loss of sellers’ power and the continuation of the price movement in the black channel.

The closing of the last week’s candle showed us that buyers are ready to protect the price range of USD 24-25.

However, the present weekly candle shows that in addition to protecting buyers, they are not ready to continue to grow:

grow

According to the wave analysis, locally the wave of fall is corrected now. At USD 32, buyers corrected the previous wave by 50%:

BitcoinNews.com BNB Market Analysis

In order to change the situation on the market, buyers need to keep a price of USD 26.5. In this case, buyers again will have a chance to test a USD 38:

BitcoinNews.com BNB Market Analysis

Otherwise, the next serious target of sellers at a price of USD 22.8 with a possible prospect of the fall continuation to USD 16.8.

Whether the critical points of buyers will resist and whether they will have a new chance to update the historical high without lowering the price below USD 24, we will analyze next week on Wednesday!

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BitcoinNews.com BNB Market Analysis 18th July 2019

BitcoinNews.com BNB Market Analysis 18th July 2019

After BNB buyers proved their weakness and could not keep the red trend line, sellers gave them on one more chance. Buyers tried to reverse the trend line on 12 July but faced a liquid price zone of $31.7-33, in which was consolidation from breakthrough to a sharp continuation of the fall. What we followed with popcorn and wide-open eyes later was when the price for 3 days fell by 23%.

However, it was not a surprise, because we predicted such a scenario in our previous analysis and sellers stopped just in the price zone of $24-25. What is interesting in this price zone? In the price of $25 is the previous historical high, from which the price fell to $4:

BitcoinNews.com BNB Market Analysis 18th July 2019

We also see that during the wild growth of BNB coin, buyers failed to break through this price mark for the first time. It confirms its importance and shows the seriousness of the mood. Therefore, if buyers keep this price zone, it will be a good start for new growth.

Pay attention to volume which was recorded after the price range test of $24-25:

BitcoinNews.com BNB Market Analysis 18th July 2019

It is one of the largest volumes on both the 4-hour and day timeframes. If you compare the correction after Bitcoin falling, there, buyers don’t feel so confident:

BitcoinNews.com BNB Market Analysis 18th July 2019

However, Bitcoin analysis will be the next, and this fact only shows that BNB buyers are ready to continue growth, just waiting for the corresponding signal.

Although, a weekly candle has not been closed yet but at this moment it looks in favor of buyers:

BitcoinNews.com BNB Market Analysis 18th July 2019

If buyers are able to keep their positions and the weekly candle closes nearly as it looks now, then we can talk about the likely point of the price turn.

In a wave analysis, the price stopped before the level of Fibonacci 78,6%. And buyers are trying to break through the level of 50%:

BitcoinNews.com BNB Market Analysis 18th July 2019

If we analyze the fall wave, then there are two distinctly different impulsed waves. The wave (B) correlates these waves:

BitcoinNews.com BNB Market Analysis 18th July 2019

In this case, the wave (C) = (A).

At the moment, there are two critical points for sellers: $30 and $33. From these price points, the fall can continue to $23.5 and $17.7.

If we consider that the global wave of growth has come to an end and correction has begun, then at a price of $17.7 sellers will correct growth by 61.8%:

BitcoinNews.com BNB Market Analysis 18th July 2019

However, it’s too early to bury the ambitions of buyers. Let’s see what they can do near the price marks $30 and $33. See you next week in BNB analysis!

 

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BitcoinNews.com BNB Market Analysis 10th July 2019

BitcoinNews.com BNB Market Analysis 10th July 2019

Looking at the buyer ambitions, it can be seen that the latest growth attempt does not fit into the global growth, which enters already the 8th month. BNB buyers twice failed to fix above $34.3. The volumes have fallen significantly and it seems that sellers are feeling better in consolidation.

This is evidenced by false breakdowns on virtually every green candle. Now the price is at the lower trend line of the channel. We think that when Bitcoin will try to fall, other coins, including BNB, may start falling even more sharply.

The current local fall of the coin began on 8 July, just at the moment when Bitcoin started the active phase of growth.

The critical point for BNB buyers remains at $31.3-$32.5. If sellers fix themselves below this price zone, the next global price level is $28.7.

There were no interesting changes during the week from the previous analysis, because the price was in the consolidation range 4%, if we do not take into account the pins. Therefore, all the targets that we put forward in the previous analysis are still relevant. And so, after breaking the lower trend line, the first stop of the sellers should be at a price of $25.9-26. At this price, according to the wave analysis, sellers will adjust the global 8-month wave of growth by 38.2%:

BitcoinNews.com BNB Market Analysis 10th July 2019

Almost all other coins failed to update their historic low and we think that in these coins, the correction can be deep, as it is the first wave of growth after a long downtrend and usually the first waves are adjusted by almost 80%. However, in our case, the situation is ambiguous and we will observe how buyers of this coin will react to the fall of buyers of other coins.

An alternative scenario is an exit of price from consolidation up with the first target of $35.6. If buyers are able to fix themselves above the blue trend line, which sellers have already defended 2 times, then the movement in the growth channel will continue and after the breakthrough of the price zone of $38-42, the prospect of growth opens up to $50.

Fishing rods in the form of critical points are arranged and now it remains to wait for the right fish. Have a good week and great patience for our readers and investors!

 

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BitcoinNews.com BNB Market Analysis 3rd July 2019

BitcoinNews.com BNB Market Analysis 3rd July 2019

For a whole month, buyers have been actively fighting for the trend line, which we have been keeping since April 2018. In the past, this trend line was kept for three months and after that, the coin continued to fall to $4, so for us, the fact that buyers kept above this trend line would mean an additional signal of the strength of buyers.

However, this time, we see that buyers and sellers easily cross the trend line on both sides, indicating a clearly lower value of the trend line now. The fall began after the test of the price zone $38-42. In addition, the last local high was not as dangerous as the previous one due to this price zone. The price continues to move in its channel, and now sellers have been able to test the bottom trend line of this channel.

At 4-hour timeframe, it is evident that at increased volumes, sellers failed to break through  the global channel of price movement while they still have not enough power for a confident attack:

BitcoinNews.com BNB Market Analysis 3rd July 2019

This fact is clearly visible on large pins with increased volumes, where the opening price and the closing price are practically in place.

After the last local high, the volumes of trades are noticeably decreased. If the next wave of growth will be at decreased volumes and candles will look uncertain and sluggish, it will be a signal for market preparation for correction. The critical point for buyers is the price of $30.9:

BitcoinNews.com BNB Market Analysis 3rd July 2019

According to the wave analysis, we see that wave 5 stopped at a price of $39.7 and at the moment is equal to the wave 3. Now the price has stopped at the level of Fibonacci $0.618. If buyers fail to keep this level, it will mean a global correction with a first stop at $26 and with a future global target of $17.5:

BitcoinNews.com BNB Market Analysis 3rd July 2019

However, while the price is within the channel of the price movement, one should prefer the scenario of continuation of the movement in this channel and a new attempt to test the price zone of $38-42.

A weekly candle closed on 30 June and completely covered the body of the previous candle, thereby giving the prospect of the fall continuation:

BitcoinNews.com BNB Market Analysis 3rd July 2019

Therefore, for a more probable scenario, it’s important for us to see how aggressive, regarding volumes and candles, will be the next attack of buyers. Meanwhile, we can follow an exciting consolidation in the range of 20%, waiting for the clear signal from the market.

 

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About the Author: Peter Oleshchuk is a trader and technical analyst.

He has spent two years studying and analyzing the crypto market.

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BitcoinNews.com BNB Market Analysis 26th June 2019

Buyers of the BNB coin still got their own way and broke the blue trend line for the third time. The price stopped before the price zone of $38-42.7. We wrote about this price zone in previous analyzes and it worked perfectly. At the moment, a good support for buyers is the middle line of the growth channel, in which the price moves from December 2018.

The critical point for buyers is a mark of $35.5. The past local high stopped at that price. Also, the blue trend line, which was so hardly broke through for buyers, now passes at a price of $35.5. Therefore, having kept this price, buyers will provide for themselves a daring continuation of the price growth and try to fix above $42.7.

The past weekly candle closed above the previous local highs. A weekly candle, which began to form on 10 June, closed uncertainly, making a mistake, but the next week’s candle was able to rehab. In our opinion, it means the attempt of sellers to the opposition, but the pressure of buyers is stronger:

BitcoinNews.com BNB Market Analysis 26th June 2019

If we consider another scenario of participants locally on a 4-hour timer, then now a falling channel has been formed, in which the price movement more resembles correction than the change of the main trend:

BitcoinNews.com BNB Market Analysis 26th June 2019

The angle of a price fall is much lower than the angle of growth. Also, please note that sellers can not update the new local low yet. Even if it succeeds, we see that it is happening with great effort.

According to the wave analysis, buyers form wave (5), which at a price of $38.5 in length equaled wave 3:

BitcoinNews.com BNB Market Analysis 26th June 2019

If buyers can fix themselves over this wave then the next forecasted stop is $43.8.

An interesting fact is that the last local high was fixed fairly low and if this trend continues, it will be a good signal of preparing the market for correction. We drew a black trend line, which buyers should break through during the next attack, if they wish to continue intensive growth:

BitcoinNews.com BNB Market Analysis 26th June 2019

Otherwise, a wedge will form, which is more likely to break down.

 

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

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About the Author: Peter Oleshchuk is a trader and technical analyst.

He has spent two years studying and analyzing the crypto market.

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BitcoinNews.com BNB Market Analysis 19th June 2019

BitcoinNews.com BNB Market Analysis 19th June 2019

For the fourth week, there is a bloody fight between market participants for the right to continue to grow to a critical price zone of USD 38-42. This week, buyers will storm the trend line for the third time and try to fix above the price of USD 35.4. Growth, which began on 5 June was due to the weakness of sellers who could not break through the price of USD 28.7. However, this growth, which continues now has profound corrections and indicates a weak trend:

BitcoinNews.com BNB Market Analysis 19th June 2019

Also, pay attention to the last three day candles and compare their total length with a candle from 13 June. With the naked eye it can be seen that this way: the buyers overcame a week ago with the help of one candle, now needs 3 times more volume. Therefore, we think that there is a high probability of consolidation to continue with the first target of USD 28.7.

At the weekly timeframe, the market situation asks for a correction and a test of the previous historical high of USD 25 and it will be the first target, to start. On this timeframe it is easy to see how the price is stuffed in the blue trend line:

BitcoinNews.com BNB Market Analysis 19th June 2019

In the wave analysis, the situation has not changed much and we continue to wait for the end of wave (5) formation and at the same time the end of the formation of a new global wave, after which correction should begin. If we analyze the consolidation, then we see that after the wave of growth, a local correction has begun and wave (b) is now forming, after which wave (c) should be formed with a minimum target of USD 25. However, only after wave (c) formation, we will be able to discard unnecessary scenarios of the development of events, since it is likely that consolidation will continue in the form of 5 waves or breakthrough of USD 25.

Targets are the same. If buyers are fixed over the trend line then their next stop is in the price zone of USD 38-42. Otherwise, we expect a continuation of the consolidation with a possible break down to a price of USD 25.

BitcoinNews is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews on Twitter: @BitcoinNewsCom
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About the Author: Peter Oleshchuk is a trader and technical analyst.
He has spent two years studying and analyzing the crypto market.

Charts Courtesy: TradingView

The post BitcoinNews.com BNB Market Analysis 19th June 2019 appeared first on BitcoinNews.com.

Bitcoin Continues to Be the Go-To Store-Of-Value in Crypto Market

Bitcoin is proving to continue its role as the asset of choice through the markets current run, gaining as much as 2.4% to USD 8,463 on Friday with Ether, Litecoin and EOS in the red.

It is thought that Bitcoin has benefited from the latest announcement that from September 2019, Malta-based Binance will cease providing services to US traders and plans to launch a separate exchange for its US users.

Bloomberg Intelligence analyst Mike McGlone commented that those selling and parking funds will always choose BTC as “It is the benchmark go-to store-of-value.” Others such as John Spallanzani, portfolio manager at Miller Value Partners, see Facebook’s crypto project pushing people towards Bitcoin. He argued:

“Bitcoin initially was established as the payment mechanism, the missing piece for the internet. Bitcoin was supposed to fill that void which obviously it has been,” he said.

Binance is still suffering from its recent security breach losing USD 40 million in a single transaction prompting changes to its terms of service. The exchange’s own BNB coin fell 6.4% on Friday. Users will be required to fulfill Binance’s terms of use within 90 days. Effective on 12 September 2019, accounts not in accordance with these terms will be restricted from the ability to trade and deposit on the platform.

At the time of writing Bitcoin is trading at USD 8,690.

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Binance to Withhold Trading Facilities from US Customers

Binance to Withhold Trading Facilities From US Customers

The world’s largest crypto exchange by volume, Binance, put forth an updated term of use agreement on 14 June 2019, which stated the retraction of trading benefits from the US customers. It stated:

“Binance is unable to provide services to any U.S. person. Binance maintains the right to select its markets and jurisdictions to operate and may restrict or deny the Services in certain countries at its discretion.”

Twitteratis believe that this could pave way for a new mega crypto exchange since Binance.com gets about 24% of traffic from the US-based customers.

Binance restricts trading to the US customers

Binance, in an attempt to revamp its internal blueprint, announced that it has been reviewing user accounts in order to accomplish enhanced platform security and to meet the global regulatory requirements. Users will be required to fulfill Binance’s terms of use within 90 days. Effective on 12 September 2019, accounts not in accordance with these terms will be restricted from the ability to trade and deposit on the platform. However, these users will continue to have access to their wallets and their funds.

The news came shortly after the Malta-based cryptocurrency exchange platform announced the launch of a trading platform, Binance US, specifically for the US customers. This platform comes as a comfort to facilitate fiat-to-crypto exchange to serve full-fledged trading abiding by the market regulations.

Recently, Binance DEX announced geo-blocking of 29 countries including the US effective July onward.

Non-verified US customers will perhaps still be able to trade on Binance through a virtual private network (VPN). Currently, users can withdraw up to 2 BTC without any restrictions.

 

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BitcoinNews.com BNB Market Analysis 5th June 2019

BitcoinNews.com BNB Market Analysis 5th June 2019

After a week-long fight near the upper trend line of the growth channel, sellers succeeded in satisfying all buyer demands and starting a correction. After a breakthrough of $30.7, sellers took the initiative in their hands and if they manage to keep that price in the near future, we expect the continuation of the fall. So far, the price falls fairly smoothly and does not cause panic among buyers. But it will last until sellers are 100% sure of the weakness of the buyers. Now on a 4-hour timeframe, we see that buyers are trying to buy BNB, but the price does not increase at all:

BitcoinNews.com BNB Market Analysis 5th June 2019

Now the fight is running around the middle line of the growth channel, in which the price is traded from December 2018. If buyers cannot fix above $30.7, then the fall will continue to $25. This price is quite significant for this coin. In the price of $25 in June 2018, a high was set, which could only be updated in a year:

BitcoinNews.com BNB Market Analysis 5th June 2019

At the end of April, buyers again approached this price and could not break it through for the first time, after which the correction began to the middle of May. The third fact is that at this price, the lower trend line of the growth channel passes. Therefore, we think that should be a stop at a price of $25. And then we will analyze how much buyers would want to keep this price zone and whether the sellers remained in power.

The probability of a $25 price test also tells us a weekly candle that has not yet been formed, but suggests that the prospect of a continuation of the fall after discovering the weakness of buyers:

BitcoinNews.com BNB Market Analysis 5th June 2019

According to the wave analysis, the current fall practically corrected the entire wave of growth by 23.6%. The important level is at a price of $23.5:

BitcoinNews.com BNB Market Analysis 5th June 2019

If we count how much the current fall has not corrected the whole wave of growth from December, namely wave 5 (from 10 May 2019), then the correction percentage is 38.2%. And at a price of $25, the wave (5) will be corrected to 61.8%:

BitcoinNews.com BNB Market Analysis 5th June 2019

Thus, we see that using different methods of analysis we obtain an important price zone of $23.5-25, which will be followed by a real fight, and on which will depend whether growth that lasted half a year ended or not. Therefore, in the next analysis, we will try to give a chance to buyers to continue the trend and whether is worth to buy this coin in the range of $23.5-25.

 

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About the Author: Peter Oleshchuk is a trader and technical analyst. 

He has spent two years studying and analyzing the crypto market. 

Image Courtesy: Bitcoin News

The post BitcoinNews.com BNB Market Analysis 5th June 2019 appeared first on BitcoinNews.com.