Binance Coin (BNBUSD) Price; Formation of Head and Shoulder Chart Pattern, Price May Fall     

BNBUSD Price Analysis – May 07

Further increase in the buyers’ momentum will push the Binance Coin to the resistance level of $663 and if the daily candlestick close above it, then, the price may increase further to test the $758 and $850 resistance levels. Inability to break up the resistance level of $663 by the bulls, BNBUSD will decrease to the support levels at $599, $503, and $420.

BNBUSD Market

Key levels:

Resistance levels: $678, $758, $850

Support levels: $599, $503, $420

BNBUSD Long-term trend: Bullish

Binance coin is bearish on the daily chart. Two weeks ago, the coin retraced to test the support level of $503. The bulls gained more pressure with the formation of bullish engulfing candle; the price increases to the resistance level of $678 after broken up the former resistance level of $599. The resistance level of $678 was defended by the bears with the formation of a bearish engulfing candle on May 04.  The price is currently declining towards $599 level.

Binance Coin is attempting to penetrate the fast moving average and the slow moving average downside. However, it is trading above the 9 periods EMA and 21 periods EMA at close contact which indicate that the bulls’ momentum is gradually reducing in the Binance coin market. The Relative Strength Index period 14 is at 60 levels with the signal lines pointing down to indicate a sell signal. An increase in the sellers’ momentum will push the Binance Coin to break down the support level of $599 and if the daily candlestick close below it, then, the price may decrease further to test the $503 and $420 support levels. Inability to break down the support level of $599 by the bears, BNBUSD will continue bullish trend to the resistance levels at $678, $758, and $850.

BNBUSD medium-term Trend: Bearish

BNBUSD is bearish in the 4-hour chart. The price action has formed a head and shoulder on the 4-hour chart; this is a bearish chart pattern. It means the price may fall. The price tested the resistance level of $678 on May 03. The price could not penetrate the level but rather pulled back to test the support level of $599, it bounced and currently trying to retest the just mentioned level second time.

Binance coin has crossed 9 periods EMA and 21 periods EMA downside and the coin is trading below the two EMAs which indicate an increase in the bears’ momentum.

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