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Weekly forecast Binance Coin technical chart

Trading suggestion:

  • By appearing primary signs of entering the market, new entry zone and short-term targets would be published.

DateMay 28, 2023 - 10:16
Currentrange bound
Forecastcontinuation of uptrend

Midterm forecast:

  • While the price is above the support 299.5, continuation of uptrend is expected.
  • We make sure when the resistance at 350.0 breaks.
  • If the support at 299.5 is broken, the short-term forecast -continuation of uptrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the trough at 337.8 on 2023-02-05 and the trough at 350 on 2023-04-16, the probability of downtrend continuation is decreased and the probability of continuation of uptrend is increased.
  • While the RSI uptrend #1 is not broken, bullish wave in price would continue.
  • A trough is formed in daily chart at 301.0 on 05/12/2023, so more gains to resistance(s) 318.0, 338.0 and maximum to Major Resistance (350.0) is expected.
  • Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
  • Relative strength index (RSI) is 44.

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