Bullish Signs in Binance Coin BNB – Making Higher Lows, When Most Cryptos Can’t Stop the Slide
Binance keeps making higher lows, forming a triangle on the H4 chart
Binance Coin (BNB), which is the utility token on the popular cryptocurrency exchange, Binance, has shown signs of strength recently. While other cryptocurrencies can’t stop the slide lower, Binance is looking like it wants to turn bullish, as it has been making higher lows since June, after the second crash in the crypto market, following the first one in May.
Traders can use the Binance token to pay fees on the platform, and developers can use it to power applications on the Binance Smart Chain. However, this crypto exchange has been under pressure from the central banks, as they continue the war that China has opened on cryptos.
The Binance exchange is being banned by UK banks, while the Bank of Japan has warned against it and might pursue the same policy as the UK. But this didn’t bother the digital token much, since we know that this exchange will survive, so the sentiment hasn’t deteriorated much.
In fact, it seems quite positive for the BNB/USD, as it continues to make higher lows, when all other cryptos have been falling, apart from the Axis Infinity token (AXS), which has been surging this month. As shown on the H4 chart above, the lows after the pullbacks in BNB/USD have formed an ascending trend line. The highs have also been getting lower since the overall sentiment in the crypto market has been quite bearish, yet Binance coin has been forming a triangle.
This shows that the two sides are equal right now, at a time when sellers are overwhelming buyers everywhere, so this is a strong bullish sign. We are trying to get long on Binance at around $300, which we just missed. But, we are watching the price action and will buy on another retreat down, hoping that the sentiment will improve in the crypto market and Binance will be the first one to rally when that happens.
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