Moving through all the time frame, the monthly time frame formed a bullish engulf pattern since Decemeber 2019 from the level 1439 area which has never show any sign of bearish trend. However, we only have indecision candlestick in the month of February and March 2020. There has been strong bull resumption from the month of April, 2020 till date. Again on the weekly time frame, we had a little retracement on the previous week which the bull has been showing a sign of continuation of previous trend. The daily time frame is currently favoring bullish direction as well which the end of today and tomorrow will determine the continuation pattern of gold.
BNOINCOIN PRICE PREDICTION
BNC price opened around 64.0 in the previous month of July, the movement later formed a whipsaw to area 95.53 that latter followed by a sharp reversal to 36.47. when the movement approached support 3( S3) it respected the level by forming another bullish reversal pattern that resume a strong bullish movement as well to area 105 which is the resistance 2 (R2). More so, the price has shown an upward movement to resistance 3(R3). The MACD indicator is on the upward direction and most MOVING AVERAGE are currently favoring. Let have the major technical perspective of August based on the July pivot calculation to know the next movement. Open- 64.02 close- 101.20 High-105.41 Low- 36.47 R3- 194.52 R2- 149.97 R1- 125.58 PP- 81.03 S1- 56.64 S2- 12.09 S3-00 The MACD signal line is favoring upward direction on all time frames from hourly – monthly time frame and no sign of downtrend. The RSI shows that the current situation of all time frame from hourly – monthly time frame are on strong bull which no overbought signal has formed. The current price is above EMA 200 which has already approached the breakout level. With the current situation BNC will reach R3 level at 194, R4 level at 255 and 261.8% Fibonacci extension at 323 areas.
We believe BNC can reach all the levels aforementioned regarding the mainnet swap exchange that will start in August 31, 2020 and also with the price of gold that has been on long term upward direction.
Lastly, the bnoincoin price is determine by demand and supply, gold price movement also has a great impact on bnoincoin in as much BNC is 100% backed by gold for its asset based and bnoincoin innovate technology with the tendency of having a long term bullish direction, it is provided with internal technical behavior that is above its pivot level vis-à-vis price is always behaving around the most efficient and important level of breakout point which also determines its movement to go against all deflationary factors that cause the price to decrease. These are what determines the price of BNC.
NOTE: The post above is from the Bnoincoin technical analyst with his professional and broad knowledge to assist investors when investing. He has forecasted for many cryptocurrencies both new and popular cryptocurrency projects. We invited him here to contribute and share his experience to assist us in this Bnoincoin cryptocurrency project. We therefore advise you to consult your financial adviser before making any investment decision. Thanks to Anthony Wilson.