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.
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.
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
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