BNB/BTC - 3/20/2018

Good Morning, Traders!

Binance coin recently broke out of a 3 month long descending wedge in the bullish direction. After this, the price began to form a similar pattern. Although, because this decline can only really be seen in a lower time frame, it would be considered a flag rather than a wedge. The price is currently at the bottom of the flag and because the price has only touched either side about twice, it is expected to reach the top of the flag once again before either breaking out or experiencing another reversal.

This reversal is also supported by the Leading span B of the Ichimoku cloud, the long-term 50% fib retracement level and a support level created at the end of February. Due to this support, I don't expect the price to continue bearish for the time being.

The targets for the bullish reversal were determined by the 38.2% fib retracement level and previous resistance levels that this flag has used in the process of its formation.

Important Resistance Levels: 0.001074, 0.001054
Important Support Levels: 0.00102, 0.000982

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Written by:
Arham Bheda
Senior Research Analyst