Bullish altcoin price action

We’re seeing lots of bullish formations and breakouts after weeks of consolidation. Bitcoin is close to its ATHs, driven by positive news from Goldman Sachs that it will launch Bitcoin investment products for its wealth management clients starting in this quarter (2Q21).  When Bitcoin does well, altcoins tend to do even better.

Two weeks ago we posted videos with analyses and trades of THETA and TRX breakouts, which have both gained 50% since then.  You can view these on our YouTube channel.

Today we’re going review breakouts seen in BNB and XTZ.

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We highlight an analysis on BNB and ZTZ, which recently broke through resistance and seem poised for additional gains. You can find fresh trade set-ups for top altcoins in our Curated Charts section.

Watch video of BNB and TRZ analysis and trades.

Binance (BNB) analysis – Resistance breakout

Trade setup: BNB was steadily grinding its way back up after a sharp correction from ATH ($350) and now has broken out from an Ascending Triangle pattern, (above $300 resistance) signaling potential trend resumption to the next resistance of $350 (ATH). The target is determined by the width of the triangle’s base or about $100, which indicates target at $400 or 30% above the resistance ($300) it just broke.

Trend: despite a retracement from ATH ($350), BNB is still in an Uptrend across all time horizons (Short-, Medium- and Long-term). Correction stabilized at $200 and price has been steadily rising, filling in the gaps from sharp jump on Feb 19.

Momentum: is bullish with MACD Line above MACD Signal Line and RSI > 50.

OBV (On Balance Volume): is flattish, indicating that volume on Up days is about equal to volume on Down days. Hence, demand and supply forces are in equilibrium.

Support and Resistance: Nearest Support zone is $300, which was previously Resistance (concept known as polarity), then $250. Nearest Resistance zone is $350 (ATH).

Tezos (XTZ) analysis – Resistance breakout:

Trade setup: Price broke out of an Ascending Triangle pattern (above $4.50 resistance) to signal trend resumption to the next resistance of $5.50 (ATH). Target is determined by the width of the triangle’s base or about $0.75 (difference between $4.00 and $3.25), which indicates target at $5.25 ($0.75 + $4.50) or ~20% above the resistance ($4.50).

Trend: remains in an Uptrend across all time horizons (Short-, Medium- and Long-Term), despite a recent correction. Price has been consolidating in an Ascending Triangle pattern (see graph), which is a continuation formation (i.e. tends to break out in direction of existing trend) . Hence, during an Uptrend, it’s likely to break upward and head back to resistance of ~ $5.50 (ATH).

Momentum: is bullish (MACD Line is above MACD Signal Line and RSI > 50.

OBV (On Balance Volume): is flattish, indicating that volume on Up days is about equal to volume on Down days. Hence, demand (buyers) and supply (sellers) forces are in equilibrium.

Support and Resistance: Nearest Support Zone is $4.50 (previously Resistance, concept known as polarity and the nearest Resistance is ATH at $5.50. Fibonacci levels are $4.30 (78.6%) and $3.40 (61.80%).