Posted on: October 17, 2020 Posted by: admin Comments: 0

Binance Coin was retracing some gains as BNB bulls took profit, and was likely to resume the uptrend in the coming days. IOTA was headed downward, as was Basic Attention Token. However, both the assets might be able to effect a short-term bounce in the coming days.

Binance Coin [BNB]

Binance Coin, IOTA, BAT Price Analysis: 17 October

Source: BNB/USDT on TradingView

Binance Coin was in a strong uptrend as it tried to breach resistance in the $31.9 region. However, the momentum had run out of steam. This was highlighted by the bearish divergence (white) formed.

BNB was forced to drop, but it showed a hidden bullish divergence (orange) just a couple of days after a plunge when the price formed higher lows while the momentum indicator (RSI) formed lower lows.

This divergence suggested that the uptrend was still in play, with the recent move downward only being one of profit-taking. A region to watch out for would be $29.6 to $29.8 in the next day or two, as it could be a good demand zone.

The ascending trendline (cyan) can