BNB/USDT 1day chart analysis

Binance Coin(BNB) constructed a double bottom formation from three consecutive rounding bottoms, indicating a bullish reversal which provides an opportunity for investors to obtain profits from a bullish rally. What’s more, is that BNB has created a new high which double confirms the reversal of the trend.

After a double bottom, preferred trading strategies are long positions that will profit from a rising price. As the bullish rally enters to resistance zone, investors should look out for a potential retreat and the price is likely to consolidate amid the fading momentum.