BNBUSD is at the top of our watch list this week as the pair is reaching a key liquidity region. Will the bulls find this level attractive and place their buy orders to reverse the current bearish avalanche.
The historically significant zone, highlighted in blue also confluences with the Golden Fibonacci Zone. Any bounce between the 61.8 and the 78.6% could be a good entry point for a long-term trade. Both blue lines are key to understand the order flow of the pair, in order words, the $13-17 liquidity zone has been an important demand zone in the past.
Binance Coin has lost over 60% in Q3 and price action needs to breathe, a retest is possible. The last time we visited the blue liquidity levels was on August 2018 and March 2019, in both cases, price action experienced a strong accumulation/ consolidation for then to make sharp movements.
Under the criteria used by Cryptonary, it’s necessary to take into account that no bullish bias is in place until a weekly candle closure confirms the shift in momentum, that’s why we recommend traders to carefully monitor the weekly closure around the golden Fib zone (61.8 – 78.6% ) and from there, evaluate the overall sentiment in the crypto market to avoid any mistake in general market confluences.
Fundamentally, Binance Coin is the project with more reasons to invest. The exchange has been launching several facilities for US trading, as well as listing hundreds of interesting trading pairs in less than a quarter. Binance has also launched a staking platform and a lending platform this month only, with more outstanding releases being scheduled for the months ahead.