BNB/USDT: Double Bottom or WorseDec 5, 2019
The BNB/USDT trading pair has been hanging in the corridor at levels 15-16 during a long period. Recently, these levels have been the starting point for the coin’s growth to USDT.
While the price is in a flat, indicators begin to signal the asset’s growth start. RSI has come out of the oversold level and is showing growth dynamics. The signal for purchases will be passing the 50 level. Here, the price should break through 16 level, which is the resistance level.
The MACD histogram is at 0, and the moving AVG ones begin to move from the bottom up, giving a signal for potential growth.
In case of sharp growth, a technical model of a double bottom will be formed on the daily chart. This is a bullish model.
At the moment, the coin is accumulating and preparing for possible growth. A positive news background or an important statement from the Binance exchange will be able to push the coin value.