(MENAFN- DailyFX (IG)) BNB bullish scenario:
BNB once again found support along its April-to-May uptrend line over three consecutive days this week.
Were this week's low at $635.44 to underpin and a rise above the 6 May high at $664.76 to be seen on a daily chart closing basis, the March and current May peaks at $686.99-to-$689.99 may be revisited. This resistance area would need to be bettered for the 200-day simple moving average (SMA) at $750.57 to be back in the frame.
BNB bearish scenario:
While BNB remains capped by its 6 May high at $664.76, downside pressure may retain the upper hand.
A fall through the 18 May low at $635.44 would likely engage the area between the late March highs and the late April low at $623.90-to-$610.55.
Short-term outlook: bearish while below the 6 May high at $664.76
Medium-term outlook: neutral with a bullish bias while above the 29 April low at $610.55; a weekly chart close above the $686.99-to-$689.99 mid-March-to-mid-May highs would change the outlook to a bullish one.
BNB daily candlestick chart Source: TradingView Important to know
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