A bullish trading pattern on BNB/USD seems ready to explode, but what about the BNB/BTC pair?
BNB's founder and former CEO, Changpeng “CZ” Zhao, was released from US federal prison on September 27 after serving four months on anti-money laundering charges.
While some believe the release of CZ could trigger a rally in BNB, others expect the performance to reflect the broader altcoin market.
BNB, similar to Bitcoin (BTC), has been stuck in a large range for months, showing indecision between bulls and bears.
Daily View of Crypto Market Data. Source: Coin360
However, a positive sign is that investors are bullish on the long-term prospects of both Bitcoin and BNB. Some analysts expect Bitcoin to reach a new all-time high in the fourth quarter, while others expect a new high in 2025. For BNB, few analysts expect a rally to $1,000.
The big question is between Bitcoin and BNB, which one is better? Will BNB bounce back from Bitcoin all-time highs? Let's examine the BNB/BTC charts to find out.
BNB/BTC weekly price analysis
The pair is trying to pull back, but the recovery is selling below the 38.2% Fibonacci retracement level of 0.010 BTC. This shows that the sentiment is negative and traders are selling at meetings.
BNB/BTC Weekly Chart. Source: TradingView
If the price continues lower and breaks below the 20-week simple moving average (0.009 BTC), the BNB/BTC pair may reach the 50-week moving average (0.008 BTC). This level may attract buyers, which may cause the pair to remain between the 50-week SMA and 0.010 BTC for some time.
Conversely, if the price bounces back from the 20-week EMA, it suggests that bulls are buying on the dips. Then the bulls will try to clear the barrier above at 0.010 BTC. If successful, the pair can move to the 50% Fibonacci retracement level of 0.012 BTC and then to the 61.8% retracement level of 0.014 BTC. Buyers need to cross this barrier to signal the end of the downtrend.
Related: Bitcoin Price To $62K? Bearish div hints at a slow start to Uptober
BNB/BTC daily price analysis
The pair has been trading in a wide range between 0.008 BTC and 0.010 BTC for several months. Both moving averages are crossing each other, and the Relative Strength Index (RSI) is below the midpoint, indicating a balance between supply and demand.
BNB/BTC Daily Chart. Source: TradingView
If the price breaks below the 50-day SMA (0.009 BTC), the pair may drop to 0.0086 BTC. This is a very important level for the bulls to defend because a drop below it could sink the pair to the bottom of the range at 0.008 BTC.
On the upside, the first resistance is at 0.0097 BTC. If this level is cleared, the pair can retest the critical level of 0.010 BTC. A sharp reversal from 0.010 BTC suggests that the range-bound action may remain intact, while a breakout may initiate a new upward move. A break out of the range puts the pair at 0.012 BTC as a target.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
