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The BNB price has been trending downwards all through last week, but this bearish market might be over soon! In this BNB analysis, we will be talking about the flag pattern currently forming on the 4-hour timeframe and how to take advantage of this bullish move coming on BNB right now!
BNB Is Still Very Bullish!
The last prediction we made on BNB was a price breakout of a flag pattern and a surge to the $900 region BNB Ready To Fly! Next Target $900?.
This bullish prediction didn’t play out exactly as BNB only rose to the $691 level before collapsing. We are still bullish on BNB and will remain bullish as far as the price continues to trade above the $430 horizontal on the 4-hour chart.
Key Levels To Watch For!
The BNB price is currently trading within a bigger flag pattern on the 4-hour timeframe. And right now, the price is bouncing off the base channel of the pattern. This bounce provides us with a very high-quality trade setup to take advantage of to the upside.
But for this to happen, the BNB price must continue trading above the base channel of the Flag pattern.
Bullish Price Prediction
On the 30 min time frame, we can see the BNB drop from the $693 highs played out in a descending channel. And a price break and close above this channel could signify the end of the BNB sell-off.
At this new break-out level, we can expect to see bullish traders begin to get back into the market in droves, raising momentum.
The bullish target level to aim for is the $700 price region or previous ATHs.
To take advantage of this BNB technical analysis, sign-up to Binance and trade the BNB/USD pair with a 20x leverage. You also get a 10% discount on all fees if you sign-up using our Binance link.
Bitcoin Technical Analysis On Youtube
For more trading ideas, you can check out our bullish price prediction for Bitcoin by clicking on the video below.
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