BNBUSD Bull flag targeting $390

1 Mar 2023

The Binance Coin (BNBUSD) is below its 1D MA50 (blue trend-line) trading inside what seems like the early stages of a Channel Down ever since the rejection on the 336 Symmetrical Resistance (which has formed 3 tops since May 23 2022).

The last such rejection though formed a similar Channel Down (red) that ended up being nothing more than a Bull Flag that later made a Higher High. The Higher High bias emerged as the pattern since June is a Channel Up. This time BNB has the 1D MA200 (orange trend-line) as a Support and not as a Resistance and is coming off a 1D Golden Cross.

We are bullish and our first target is Resistance 1 (398.0) and if we get a 1D candle closing above, then extension to Resistance 2 (460.0).

P.S. We have been medium-term bullish on BNB since December:

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