BNBUSD Bounce from $505 Level

Trader Kyer, a TradingView analyst, states that Binance Coin has formed a local bottom in the market after the and is looking for a decently-sized move upwards heading into the month of February.

Looking at the chart of Binance Coin on the 4-hour time frame we can see that it is currently ahead of Bitcoin & Ethereum in terms of market movements, and is sitting above its level of support that the other coins are currently trying to break free from.

Binance Coin also regained this long-term uptrend in the bullish channel , which indicates that the bull market is still well and alive, gearing up for its next pump up.

From here, Binance Coin faces little to no resistance until around the $600 level, where there is a distribution zone between $596 – $638 that we’re going to see a 1st touch rejection off of.

As always please do your own research, I am not a financial advisor.