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Binance Coin Recovers Quickly After Recent Bloodbath

Binance Coin seems to have started its recovery after the recent cryptocurrency bloodbath. Binance Coin has seen a 5.71% price rebound over the past 24 hours of trading, allowing the coin’s price to rise back above the $30 mark to trade at around $31.18.

The cryptocurrency has seen a 6% price drop over the past 7 trading days, but has still seen a remarkable 42% price increase over the past 30 days, with a further impressive 104% price increase over the past 3 months.

Source: CoinCheckup

Binance Coin is currently ranked in 7th position amongst the top cryptocurrency projects by market cap value, as it currently holds a $4.51 billion market cap.

The cryptocurrency recently rebounded from support at the short-term .382 Fibonacci Retracement level at around $28.88. This latest bounce may help create a fresh ATH for Binance Coin above the $35 level.

Let us continue to analyze BNB/USD and highlight some potential areas of resistance moving forward.

Binance Coin Price Analysis

BNB/USD – MEDIUM TERM – DAILY CHART

What Has Been Going On?

Analyzing the daily chart for BNB/USD above, we can see that toward the end of May 2019, Binance Coin reached a high around $35 and rolled over. The cryptocurrency continued to fall during June 2019, but we can see that BNB/USD recently bounced at support provided by the short-term .382 Fibonacci Retracement level (drawn in green), priced at $28.88. This level should continue to provide strong support for the market moving forward.

What Is the Current Trend?

The current trend for the market is bullish. For this bullish trend to be invalidated, we would need to see Binance Coin fall and break beneath the $28.88 support level. If Binance Coin was to continue to fall further lower and drop beneath $25.18, we could then consider the short-term trend to be bearish.

Where Can the Recent Rebound Take Us?

If the buying pressure continues to build and allows BNB/USD to break above the current resistance around the $31.20 level, we can expect immediate higher resistance above to be located at the short-term 1.272 Fibonacci Extension level (drawn in blue), priced at $32.41.

Above this, further higher resistance is then located at the medium-term 1.414 Fibonacci Extension level (drawn in purple), priced at $34.20. If the bulls continue to drive Binance Coin above the $35 resistance level, we can then expect more resistance to be located at the short-term 1.618 Fibonacci Extension level (drawn in blue), priced at $36.22. This is then followed with resistance at the medium-term 1.618 Fibonacci Extension level (drawn in purple), priced at $38.53.

If the bulls can clear the resistance at $38.53, the next level of resistance above is located at the $40 level.

Where Is the Support Beneath the Market?

Alternatively, if the sellers regroup and push the market lower – we can expect immediate support beneath the market to be located at $30 and $28.88. If the selling continues beneath $28.88, further support is then expected at $27.72, $26.60, $25.18, $24.81, and $22.67.

What Are the Technical Indicators Showing?

The Stochastic RSI is currently trading in extreme oversold conditions, which indicates that the market may continue this rebound further higher. If BNB is to climb above the current resistance, we would also need to see the RSI penetrate above the 50 level.

Conclusion

Binance Coin has been one of the strongest-performing cryptocurrencies during 2019, and is also one of the only ones to create a fresh ATH. The recent rebound at the $28.88 level seems like it will take Binance Coin much higher, which could possibly allow the cryptocurrency to create another fresh ATH above $36.

Source: Binance Coin Recovers Quickly After Recent Bloodbath

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You can now pay for crypto with a credit or debit card on Binance

Binance, one of the worlds largest crypto exchanges, has just announced that they have enabled the purchase of cryptocurrency via debit and credit card. Through a new partnership with payment processing firm Simplex, Binance now allows customers to buy crypto on Visa and MasterCard debit or credit cards………..

Source: You can now pay for crypto with a credit or debit card on Binance

Major Crypto Exchange Binance to Use Refinitiv KYC Solution in Internal Workflow – Ana Alexandre

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Cryptocurrency exchange Binance will use an automated Know Your Customer (KYC) application provided by financial software firm Refinitiv, according to an announcement published Nov. 20.

Binance personally confirmed the use of Refinitiv’s software to Cointelegraph.

Formerly the Financial & Risk business division of Thomson Reuters, Refinitiv provides markets data and infrastructure, while its portfolio reportedly accounts for over 4,000 institutions worldwide.

According to the announcement, the KYC solution will enable the world’s leading cryptocurrency exchange by adjusted trade volume, Binance, to integrate the World-Check Risk Intelligence database into their internal workflow. This will purportedly allow Binance to streamline the screening process for onboarding, KYC, and third-party risk due diligence.

Speaking about the need for crypto exchanges to add KYC structures, Nadim Najjar, Managing Director, Middle East & Africa, at Refinitiv, said:

KYC is the process of a business verifying of the identity of its customers and assessing potential risks of illegal intentions in business relationships. According to Refinitiv’s statement, the service integrates legal entity data from authoritative sources in over 200 countries and is backed by a global policy that has been tested with more than 100 regulators and financial institutions.

Earlier this month, Binance CEO Changpeng Zhao said that the company is not concerned over low trade volumes caused by the current market slump, even as the exchange currently has one tenth of the trading volume it did in January 2018. According to Zhao, it is still trading far above the volumes the exchange had “two or three years ago,” and is “still profitable.”

Zhao suggested that the entrance of institutions into the industry could be a possible catalyst for market movement, echoing the prediction of investor and digital currency advocate Mike Novogratz, who said that institutional investors will start entering the market in the first or second quarter of 2019, resulting in new highs for Bitcoin’s (BTC) price.

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