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BNB/USD fell to a low of nearly 395.9000 in trading yesterday, but then staged a reversal which challenged important short term resistance near 420.000 early today.
BNB/USD has produced quick trading conditions and speculators should continue to be braced for more volatility in the near term. Binance Coin acts as an important barometer within the digital asset world because the cryptocurrency is used as a utilitarian coin within the Binance exchange system. Over the weekend BNB/USD suffered a negative trend downwards, which essentially built into a rather strong selloff in early trading yesterday.
A low of nearly 395.9000 was demonstrated Monday, which came within sight of depths displayed on the 11th of April when BNB/USD traded near the 391.9500 mark. One month lows were seen on the 20th and 21st of March when Binance Coin approached the 386.5000 vicinity. Having hit a high of nearly 460.0000 on the 5th of April, the ability of BNB/USD to provide speculators with volatility is a sure thing. Traders must treat BNB/USD as a speculative cryptocurrency like all others, and conservative amounts of leverage should be practiced.
The broad cryptocurrency market also turned in plenty of tests regarding support ratios in early trading yesterday. Then reversals higher were suddenly produced yesterday, and prices in the broad market continue to hold early near key resistance levels. BNB/USD intriguingly is within sight of the 420.0000 once again, which it tested on the 15th of April, before touching the level again this morning.
The failure to break through this resistance level should be considered. If BNB/USD is able to consolidate and remain within sight of the this resistance level in the short term and the broad cryptocurrency market remains stable, speculators may be tempted to believe upside potential lurks for Binance Coin in the short term.
The current price of BNB/USD has stumbled slightly and is near the 416.7000 as of this writing and traders need to consider their perceptions. If the 416.0000 level is able to maintain its support ratios and hold back a tide of nervous selling, BNB/USD could see another move higher and a retest of early morning resistance levels may be demonstrated. Traders should consider quick hitting positions in the short term, because the broad cryptocurrency market may produce more volatility today if trading volumes increase as speculators return from their holidays.
Bearish traders who believe the move higher early this morning ran into resistance which will prove durable, may be tempted to actually sell and look for a retest of lower values seen yesterday. Caution is advised for all short term speculators, because market conditions appear ready to deliver sudden bursts of energy today.
Binance Coin Short Term Outlook:
Current Resistance: 418.2400
Current Support: 416.3500
High Target: 426.9500
Low Target: 405.7900
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