Binance Coin Price Prediction: Break of Triangle Satisfies Bullish Expectations

The technical picture for a bullish Binance coin price prediction got a fundamental push today after Coindesk reported that the Binance exchange was looking to hire an ex-regulator to handle its recent regulatory woes. 

No name has been mentioned as a potential hire to handle compliance. However, a source close to the matter likened the individual to a former head of the Office of the Comptroller of the Currency (OCC) in the US, Brian Brooks. 

Binance is taking steps to stop the bleeding it is suffering in the UK. Its large customer base in the country is in danger of eroding due to banking restrictions resulting from an FCA declaration that Binance was operating illegally in the UK. Binance Coin saw new demand on the report and is up 5.44% as of writing.

Technical Levels to Watch

As predicted yesterday, the ascending triangle’s resolution holds the key to a bullish Binance Coin price prediction. The penetration close above the triangle’s upper boundary and the accompanying bullish daily candle has set up a march towards the 357.04 upside target (2 April high/7 April low). If the price pushes beyond this barrier, we can expect 379.84 and 400.01 (psychological resistance) to become the new targets to the north. 

On the other hand, a rejection at 357.04 or even a retreat from current minor resistance levels at 333.89 allows for a return move to the broken triangle boundary, which now serves as support via role reversal. Only when the price descends below this boundary at 314.94 will the breakout move from the triangle deemed to be truncated. In this scenario, 278.12 and 249.72 become downside targets. Otherwise, a bounce from the triangle’s upper border allows for a resumption of the breakout move, targeting the resistance barriers already mentioned. 

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Binance Coin: Daily Chart

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