BNB price GBP Traders who purchased Binance Coin on our recommendation in the previous analysis could have made a huge profit. Though the all-time high at £249 on February 19 exceeded our expectations, we are not complaining.
The sharp rally propelled the RSI above 94, which shows an extremely overbought condition. That attracted profit booking on February 20. The aggressive bulls tried to resume the uptrend on February 21 but failed as higher levels again attracted profit-booking.
BNB PRICE GBP – HOW TO TRADE BNB/GBP 23RD FEBRUARY 2021 – UPDATED CONTENT
The bulls have been defending the £156.648 level for the past few days but repeated retest of a support level tends to weaken it. If the bears sink the price below £156.648, the BNB price GBP pair could drop to the 20-day EMA.
This is an important support to keep an eye on because a break below it could intensify the selling and pull the BNB price GBP down to £91.686. A vertical rally usually ends in a waterfall decline.
Therefore, we suggest traders remain on the sidelines and wait for the correction to end before initiating any long positions.
BNB PRICE GBP – HOW TO TRADE BNB/GBP 16TH FEBRUARY 2021
HOW TO TRADE BNB/GBP
Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.
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