A Bearish Sign on Binance Coin (BNB) as It Attempts to Fall into the Previous Range

19 November 2019 | Updated: 19 November 2019

Key Resistance levels: $22, $24, $26
Key Support Levels: $12, $10, $8

BNB/USD Price Long-term Trend: Bearish
Binance Coin has been falling for the past five days after the bulls fail to penetrate the resistance at $22. Since late October, the bulls have formed three tops while attempting to breach the resistance level. On each top, the price pulls back to retest the resistance thereby forming the bearish triple top.

This formation led to the downward movement of Binance Coin. BNB is falling and may revisit the low at $16. Nevertheless, if the bears break the support at $16, BNB will fall into the previous range. The coin is likely to continue with the downtrend. Conversely, if the support holds, the coin will commence another bullish move to retest the resistance at $22.

BNBUSD-Daily Chart

Daily Chart Indicators Reading:
BNB is trading and it is below the 40% range of the stochastic indicator. This implies that the price is in a bearish momentum. BNB will resume the downward move if the price falls and breaks below the resistance line.

BNB/USD Medium-term bias: Bearish
On the 4-hour chart, BNB is falling after being resisted at $21.50. The price made a retest at $21.50 and fell to a low at $20. Again it made another retest at $20.50 before dropping to a low at $18. At this price level, the coin is facing some resistance because this was the previous resistance in October. If the bears break this level, the price will reach a low of $16.

BNBUSD-4 HourChart

4-hour Chart Indicators Reading
The bears have broken the bullish trend line. This implies that the bullish trend has been terminated. BNB is trading in the oversold region of the daily RSI period 14 levels 20. This suggests that the bulls may come and take control of the price.

General Outlook for Binance Coin (BNB)
BNB is in a downward move. The coin is expected to reach a low of $16. This is on the condition that the bears break below the $18 price level. Nevertheless, if the support at $16 cracks, BNB will depreciate further.

Binance Coin Trade Signal
Instrument: BNBUSD
Order: Sell
Entry price: $18.30
Stop: $19.5
Target: $16

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.