BNBUSD 1D Golden Cross may be a trop before new HighsThe Binance Coin (BNBUSD) is rising massively on today's news and amidst the fundamentals, it formed a Golden Cross on the 1D chart, which is the bullish formation when the 1D MA50 (blue trend-line) crosses above the 1D MA200 (orange trend-line). With the 1D RSI volatile on the 80.00 hugely overbought level, this pattern draws inevitably comparisons with the last Golden Cross that was formed on the 1D time-frame on August 31 2021, i.e. more than 1 year ago!
As you see on the chart, that Golden Cross, instead of more price rise, it delivered a strong pull-back that broke below the 1D MA200 but stopped at the bottom of the Channel Up to form a Higher Low. Right now BNB has been trading inside a Channel Up since the June 18 bottom. If we plot the 2021 price action on today's, we can see how closely it can match the pattern. As long as it holds, we can expect a Higher Low for a better long-term buy opportunity. If this fundamentally driven rally continues though and breaks above the 2022 Resistance Zone, we can (with a relative safety) buy the break-out for the long-term into the new Bull Cycle.
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