Key Takeaways:
- Binance Coin (BNB) in a textbook bullish trend.
- Printing and subsequently breaking out of pennant after pennant.
- You can't seem to go wrong buying either BNB or CAKE at any price.
BNB Technical Analysis
It's Friday and with the LeoBridge release imminent, all I can think about is Cub Finance.
With our community on the cusp of a major DeFi release, there's no way I'm bringing up bloody forex currency pairs to write about this late in the week.
Cryptoooooooooooooooo!
Okay, now that's out of my system, let's get down to some charts I can't seem to escape - BNB and CAKE.
The last time we spoke about Binance Coin on the blog, Cub FInance was just about to launch and I was speaking about buying BNB on a pennant breakout to the upside.
Well from that day, it's been a vertical elevator ride, with price literally doubling.
Just take a look at the daily chart below.
BNB/USD Daily:
This chart is pretty much a textbook example of bullish price action.
A trend continuation trader's dream.
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Price rips through resistance.
-
Forms a penant.
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Breaks out to the upside with momentum.
And as you can see from the current price action, is looking like following this exact same pattern once again.
But let's now zoom into the hourly chart and take a closer look at what's going on.
BNB/USD Hourly:
You can see that price has now started to break out of the most recent daily pennant and even pulled back to retest a short term resistance zone as support.
With price just now making a new intraday high, it's looking like there's still decent momentum behind this move and we're likely to make a new all time high.
Just gorgeous price action, honestly.
CAKE Technical Analysis
The next chart I wanted to include is simply because I like torturing myself about what could have been.
Could have, should have...
Didn't.
You know, the only thing that matters.
But seriously, bloody CAKE.
CAKE/USD Daily:
In the last 2 weeks alone price has doubled.
But as I saw @taskmaster4450le talking about on Twitter, there's no denying the advantage of safe and consistent returns in CUB.
We're here for a long time, not a good time...
Or something like that anyway ;)
Enjoy your weekend guys and as always...
Best of probabilities to you.
Data to Watch:
- Not applicable on decentralised cryptocurrency markets.
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This daily market analysis blog is exclusive to leofinance.io.
Posted Using LeoFinance Beta
Return from BNB and CAKE - Binance Coin in a Textbook Bullish Trend to forexbrokr's Web3 Blog
