Binance Coin and Dogecoin have been trading sideways over the past couple of days, with both not offering good trading setups since Bitcoin too has been facing a lot of selling pressure. Some areas of resistance in the short-term were highlighted as regions of interest, regions where a buying opportunity could manifest. Finally, Augur moved higher to test the $28.5-level of resistance once more.
Binance Coin [BNB]
Using a move up from $118 to $348, and its subsequent slide from $348 to $186, two sets of Fibonacci retracement levels (white and yellow) were plotted. Their confluence represented a strong region of support or demand.
The $270-$275 region and the $230-$236 region were highlighted as areas of confluence. The 50% retracement levels lay at $202 and $254 for the move up and the subsequent drop. The 50% retracement levels are generally areas where the direction of the market is decided.
The RSI for BNB was at 46, at the time of writing, and the oscillation of BNB from $215 to $236 was indicative of a short-term range. A move above $236 would be needed for BNB to post further gains. Hence, a breakout and retest of this level can be used as buying opportunity.
Augur’s market bulls attempted to push the altcoin’s price past $28.5, but even though the hourly candlewicks climbed to touch $29.4 and $31.9, the market bears were able to step in and prevent a candle close above $28.5.
The momentum in the short-term seemed to be on the side of the bulls as the Awesome Oscillator climbed above zero. The cryptocurrency’s price formed a higher low after rejection at $28.5, a bullish development, with the rally seeing blocks of high trading volume – A pattern that is likely to repeat above $28.5.
While the $28.8-level has been a historic level of resistance, a breakout past $28.5 is likely to move the alt above $28.8 and test $33.2 as resistance. Closing a session below $25 would invalidate the idea of a breakout.
DOGE formed a descending triangle but instead of an upward move, it broke down under the $0.054-support level and formed a range (cyan) over the past couple of days. This range had its boundaries at $0.0495 and $0.052, a short-term range.
It also highlighted that the range lows and highs are levels of interest where the market could decide on a breakout higher or lower.
Over the past week, the one constant for DOGE has been not its direction, but its massive volatility. This made placing trades on DOGE suboptimal at the time of writing – A retest of $0.043 as support can be used as buying opportunities.