The Binance Coin price line experienced a bearish momentum on the 20th of April, where the price line declined to towards the $15.00 level. Sharp_As_A_Blade is a TradingView analyst who was of the opinion that the cryptocurrency would either see an uptrend across the $17.60 level, or form a head and shoulders pattern.
1-Day Binance Coin Price Analysis (20th April)
The BNBUSD pair turned bearish just before midday on the 20th of April. The coin saw a day’s high of $16.4785836 US Dollars in the first quarter of the day. The cryptocurrency fell towards the $15.80 level near 12:00 GMT, after which it saw another fall towards the $15.40 mark near 18:00 GMT. BNB gradually made its way below the $15.00 level, where it saw a day’s low of $14.8836747 US Dollars. The BNBUSD pair closed with a trading value of $15.0648243 US Dollars.
Binance Coin: head and shoulders next?
The crypto analyst suggested that if the bulls supports the trading pair from the $16.6 mark, the cryptocurrency will continue its bullish momentum and head across the $17.60 level.
As per the idea, the cryptocurrency may have also managed to reach over the $20 mark if the former idea came into play. However, the analyst suggested that if the uptrend does not take place, the cryptocurrency will fall towards the $14.50 mark and may see to a completion of the head and shoulders pattern.
If the head and shoulders pattern is formed, the nearest support will lie above the $13.40 mark, while the second and stronger support will lie above the $12.70 level.
Featured Image by NikolayFrolochkin.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan holds no liability towards any investments based on the information provided on this page.