In the Bitcoin compass, most altcoins spent the day in the red
Binance Coin saw a decline to retest a support level at $ 277, but had a bullish outlook. Uniswap left a descending channel and could move up to $ 34 in the next few days, while EOS failed to make it past $ 4.
Binance Coin [BNB]
Source: BNB / USDT in TradingView
On the 1-hour chart, BNB showed a strong upward performance in the past few days. He briefly fell below $ 205, but recovered and moved to the $ 240 level to support it. The bulls then claimed the $ 277 level of bearish hands and were able to raise prices up to $ 315 in a break above the descending triangle.
This break was strongly postponed, but while the lower periods showed a possible weakened side of the bull, the longer periods showed that the bulls were in charge.
At the moment, the RSI has dropped below 50 neutrals, with the price being traded just above the support level of $ 277. Losing that level and testing it again as support would likely cause the BNB to revisit $ 240. The 4 o’clock analysis showed that this was a support retest. A long position with a stop loss close to $ 273 with a target of $ 315- $ 325 can be considered in the area of $ 278.
Source: EOS / USDT in TradingView
On the 4-hour chart, the rising triangle pattern appears to have been invalidated, as EOS was pushed down to the $ 3.91 support level.
It has retested the upward trend line (orange) as resistance and could head for the $ 3.6 region in the coming days, however, that break has not yet been confirmed.
It is not uncommon to see a stop-loss fighter to the south before breaking into this pattern, so a large volume move below $ 3.91 or above $ 4 should be used as confirmation.
Source: UNI / USDT no TradingView
UNI has formed a descending (cyan) channel pattern in the past few days. He recently saw a break in that channel and tested the support level again at $ 30.5.
Breaking a channel generally causes the price to move to the peak of the channel – in this case, this gives a technical target of $ 34.7 for the break, with $ 33 also as a profit level.
The Aroon indicator showed a short-term upward trend in progress, while the Awesome Oscillator saw a bullish cross.