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Bitcoin & Binance Coin Price Analysis: Bitcoin Gets More Stable Around $44,000, Binance Coin an Excellent Opportunity for Volatility Lovers

Binance Coin (or BNB for short) can be considered one of the most surprising assets in terms of returns and expected volatility.
Bitcoin & Binance Coin Price Analysis graph

Bitcoin / US Dollar: General Overview

Another return for Bitcoin’s price at $44,000, which remains a crucial level for the market and its future development. The current price level indicates that many investors are finding it difficult to establish new positions that could lead the market to higher levels.

 

The difficulties lay in the fact that there is no momentum in the market regarding short-term positioning. This lack of momentum could be crucial for the current moment as there is no solid power projection in the market development that could lead the price into the higher price level around $47,000 – $48,000.

 

As we have described in previous articles, the $47,000 level remained a prolific point-of-interest as Tesla, the largest car manufacturer by market valuation, entered the market, skyrocketing the price to all-time high levels. As long as the price remains below $47,000, Tesla would be at loss, so everyone waits for the next frontier to be achieved around this level.

 

As always, the sharp moves are those who break the resistance levels so we might expect a sudden move from stories or news that could trigger such a reaction.

 

The moving averages have sustained a bullish outlook but this would be shrunk if the price continues to float around the same levels. The trading volumes have remained slightly lower than usual, showcasing that there is less activity in the market.

 

Bitcoin / US Dollar: General Overview
Bitcoin / US Dollar: General Overview in Bitcoin Price Analysis, image from Tradingview

Bitcoin / US Dollar: Day Trading Overview

In the day-trading window, we can observe that the consolidation during the previous days around $42,000 made a positive turn towards the $44,000. This consolidation exit can be considered as a short-term beneficial move but there is a need for further establishment in this price zone.

 

Bitcoin / US Dollar: Day Trading View
Bitcoin / US Dollar: Day Trading View in Bitcoin Price Analysis, image from Tradingview

Binance Coin / US Dollar: General Overview

Binance Coin (or BNB for short) can be considered one of the most surprising assets in terms of returns and expected volatility. In the diagram below, we can observe sudden reactions from one day to another, large red sticks followed by another large green stick and more moves that make the market more and more unpredictable.

 

At this moment, the price went from $690 down to $350, marking a 50 % correction during the last 3 months. After a minor consolidation period of around $380, the price followed the overall trend in the market and climbed to $430, where it remains until now, with minor floats.

 

It’s hard to draw the exact support and resistance lines in the BNB chart but we can point out some lines that could be useful to mention. The first one lies at $500, which acted as a resistance point back in September 2021, when the market tried to establish a new bullish market, and in mid-January 2022, in a sudden spike.

 

The second point that acted as a support zone during the high levels in the previous bullish market lays around $530. This consolidation line led to the current bearish turn, so it could act as the return point for the current recovery.

 

The moving averages have laid at bullish positioning, indicating that a bullish reaction could follow up in the next days. The trading volumes have fallen since the last month, showing that the majority of investors are looking into the next trend to trade their assets.

 

Binance / US Dollar: General Overview
Binance / US Dollar: General Overview in Binance Coin Price Analysis, image from Tradingview

Binance Coin / US Dollar: Short Term Overview

The volatility during the last 3 weeks has not been exaggerating but we can see that gained a 20 % overhead during 4 days. This move can be considered low for the crypto world but it remains a remarkable rate of return as an investment.

 

The price sensitivity in the BNB market has been increasing during the last months, showing that the coin should not be picked if someone wants to diversify his portfolio with contrarian assets.

 

The fact that BNB also relies its fundamentals on Binance and its development as a company along with its ecosystem. This fact could also be an unpredictable point for price development and how it will affect future decisions.

 

Binance Coin / US Dollar: Short Term View
Binance Coin / US Dollar: Short Term View in Binance Coin Price Analysis, image from Tradingview

Binance Coin Price Analysis: BNB / USD – Day Trading Overview

On the day-trading window, there is little volatility that can be exploited except for some specific hours where the volatility is accompanied by the corresponding volume.

 

We can also observe that the moving averages have been quite consistent in the prediction level, as every cross has led to the corresponding direction. This is quite useful for the next times that similar signals might evolve in the charts. Those signals are also favored from price volatility as the price could range faster than the price target.

 

Binance Coin / US Dollar: Day Trading View
Binance Coin / US Dollar: Day Trading View in Binance Coin Price Analysis, image from Tradingview

Binance Coin / US Dollar: Indicators

MACD index (Moving Average Convergence Divergence) has been consistently on the “green” side for the last week, accompanying the recovery scenario in the crypto market. This could be a solid foundation for the crypto market and how it will be evolved in the next period.

 

The RSI index (Relative Strength Index) moved around value = 55, which means that the price could remain stable for the next few days but with a positive outlook in the mid-term positioning. The expectations lay on the bright side but there is a need for more evidence about it.

 

Binance Coin / US Dollar: Indicators
Binance Coin / US Dollar: Indicators in Binance Coin Price Analysis, image from Tradingview

Conclusions

In the first, Bitcoin Price Analysis part Bitcoin has managed to sustain the $44,000 level, for now, establishing a base for the next bullish move in the market.

 

In this Binance Coin Price Analysis BNB has followed a similar pattern with Bitcoin, staying around $430, with the next goal to be above $500, aiming for new high levels in the next period. The fact that there was enough volatility in the market formation and news stories about Binance come up all the time, we can be optimistic about the next steps!

 

Read our previous Bitcoin Price Analysises here!

George Foroglou

George Foroglou

George Foroglou heard first time about Bitcoin in a Christmas dinner in December 2013. As Finance student, he published articles regarding Bitcoin adoption, blockchain applications and IoT monetization strategies. From 2017, he is an active trader in the Bitcoin and other altcoins market, using mostly Technical Analysis. He has worked for plenty web portals, giving insightful articles about technical and fundamental analysis.

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