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03 March 2021

Exchange tokens BNB, HT, FTT and OKB are on fire in February — Here's why

Exchange tokens BNB, HT, FTT and OKB are on fire in February — Here's why


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In another positive, investment advisory The Motley Fool projected that Bitcoin could rise to $500,000 over the next 15 years.

If the price rebounds off this support zone, the bulls will once again try to resume the uptrend.

If they succeed in pushing the price above $284.08, the uptrend could resume, with the next target objective at $367.

On the other hand, if the bears sink the price below the 61.8% Fibonacci retracement at $181.4426, the BNB/USD pair could completely retrace the latest leg of the up-move and drop to $118, just below the 20-day exponential moving average at $125.

Such a deep fall will suggest the momentum has weakened and that could delay the next leg of the uptrend, keeping the pair stuck inside a range for a few days.

If the price turns down from the zone, the first support is at the 38.2% Fibonacci retracement at $16.0981 and then at the 50% retracement at $15.0611.

A strong rebound off either support level will suggest the sentiment remains bullish and traders are buying on dips.

If the bulls can thrust the price above the resistance zone, the next leg of the up-move to $25 could begin.

Conversely, if the price breaks below the 61.8% Fibonacci retracement at $14.0240, the correction may deepen to the 20-day EMA ($11.51).

A break below this support will suggest that a short-term top is in place.

The first support on the downside is the 38.2% Fibonacci retracement level at $25.655 and below that at the 50% retracement at $24.289.

If the price rebounds off this support, it will suggest the sentiment remains bullish and traders continue to buy on dips.

The bulls will then try to resume the uptrend by pushing the price above $30.077.

Conversely, if the bears sink the price below the 61.8% Fibonacci retracement level at $22.922, the correction could deepen to the 20-day EMA ($19.32).

A strong rebound off this level will suggest the uptrend remains intact while a break below the 20-day EMA will tip the scales to the bears.

If the bulls can push the price above $12.839, the uptrend could extend to $13.87 and then $15.

If the price turns down from the current level or the overhead resistance, the first stop is likely to be a retest of the previous resistance turned support at $9.50.

If the pair rebounds off this level, it will act as a new floor for launching the next leg of the uptrend.

A break below this support will tilt the advantage in favor of the bears.

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