• Binance Coin (BNB) has been reacting positively to Bitcoin’s gains and gained by 20.5% over the past four days.
• The daily market structure of BNB appears bullish, but a pullback as deep as $290 remains possible.
• Spot CVD is surging past February highs in response to strong demand, while Funding rate has climbed into positive territory indicating possible flip in sentiment.
Bullish Market Structure for BNB
Binance Coin [BNB] reacted extremely positively over the past two days of trading. The bullish euphoria over Bitcoin’s gains translated across the crypto-market and BNB gained by 20.5% within four days. A retracement before a sustained move higher up the charts remains possible too. On the daily timeframe, the market structure for Binance Coin seemed to be bullish once more. The recent lower high at $294 was beaten during the latest reversal, but the $309-mark has posed some resistance over the past 24 hours. A strong confluence of support at $292 was also present on this chart.
Volume Profile & Fibonacci Retracement Levels
The Volume Profile Visible Range showed that the price was right above the Point of Control, based on the trading from 8 February. The POC was at $304.2, and Binance Coin seemed to be retesting it as support, at the time of writing. The Value Area High and Low were found at $322.8 and $274.7 respectively which meant that $304.2 and $274/7 are two levels buyers will be interested in . In addition to this, a set of Fibonacci retracement levels (yellow) were drawn based on the latest surge too which showed 78,6% retracement level lay at $276/7 , almost same level as VAL . Moreover ,the price action from early March showed that region between 285 – 292 is significant support on lower time frames .