Binance Coin [BNB] investors can capitalize on these entry triggers

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

As the altcoin market reflected a shift in momentum toward the buyers, Binance Coin (BNB) flipped its two-month trendline resistance to support. The alt has been rangebound within the constraints of its reversal pattern for over a month now.

With the price jumping the basis line (green) of the Bollinger Bands (BB), the buyers kept near-term control. A sustained position above the basis line could aid the buyers to invalidate the potential bearish inclinations.

At press time, BNB was trading at $269.6, up by 5.59% in the last 24 hours. 

Source: TradingView, BNB/USDT

Since losing the $320-$326 range in early May, BNB saw a splurge in the selling pressure as it continued its southbound journey. As a result, it poked its 16-month low on 18 June. Since then, the alt transposed into an up-channel on its daily chart.

Should the pattern reignite any reversal tendencies, a short-term drawdown could occur. A bearish outcome would expose the alt to a potential test of the lower trendline of the up-channel. Any decline below this mark could cause a retest of the $216-$219 range.

To affirm this outcome, bears would need to enforce a close below the basis line of the BB. Any rebound from the basis line of BB could lead to an extended up-channel trajectory. 

Should the buyers continue to heighten their pressure, the alt would strive to close above the 38.2% Fibonacci resistance in the coming sessions. A compelling close above the $271 zone would boost the probability of an upswing toward the 50% Fibonacci level.

Source: TradingView, BNB/USDT

The daily Relative Strength Index (RSI) exhibited a