Get ready for the reversal in the BNB/USDT trendSep 17, 2019
Binance CEO aroused the public’s curiosity by several new announcements, which promise to inject another dose of optimism and good news for Binance Coin. Looks like CZ continued to use verbal interventions to radically change the market moods.
One of the important pieces of news is Binance’s investment in the Chinese cryptocurrency publication Mars Finance. For Binance, this is the first strategic investment in the country since 2017, when the exchange left the Chinese market following Beijing’s total ban on cryptocurrency trade. This recent move indicates that CZ may be looking to return to the Chinese market.
This development may turn around the downhill trajectory which started on June 22 and caused the coin to lose 50% of its value, bringing its rate to 19,65 USDT per BNB.
The daily BNB/USDT graph clearly shows a downward wedge, which illustrates the apparent weakening of the sellers’ position. We have observed a similar trend in the ETH/USDT pair, in which buyers currently have the upper hand.
It is also worth noting that the BNB/USDT sellers’ activity is dropping as the technical support level of 19,50 – 20,50 is looming closer. All of this is increasing the risk of the reversal of the trend from bearish to bullish.
The RSI indicator is also pointing towards the bullish divergence: the price graph shows Minimum 1 that is higher than Minimum 2, while the RSI indicator shows exactly the opposite, signaling a change in direction.
The buyers’ target is 23,00 and on to 25,00.