BNBUSD Closing above the 1D MA50 can target $555
The Binance Coin has been forming a bottom pattern since the January 22 low, in a similar fashion as the May – July 2021 bottom formation.
As this 1D chart shows, the 2021 bottom sequence came to an end when BNBUSD closed a 1D candle above the 1D MA50 (blue trend-line) for the first time in more than 2 months. At the same time, the MACD indicator (bottom of the chart), was posting a 3/2 Bullish / Bearish Cross sequence after the first low on the price’s Triple Contact Support Zone . When that happened, the price rallied immediately to the 0.618 Fibonacci retracement level and then filled the gap near the $700.0 Resistance (and ATH ).
If the patterns continues to repeat the 2021 fractal , then the current 0.618 Fib is exactly at $555.00 and that will be our target upon break-out.
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