Binance (BNBUSD) Is Awaiting a Breakout

Binance (BNBUSD) Is Awaiting a Breakout

BNBUSD Price Analysis – December 05

The breakdown of the support level of $26 may push down the price to the September low which is the $22 level provided the $26 and $24 price level do not hold. In case the support level of $26 holds, the price may reverse and face the resistance levels of $29, $31, and $33.

BNB/USD Market
Key levels:

Supply levels: $31, $33, $37
Demand levels: $29, $26, $24

BNBUSD Long-term Trend: Bearish

BNBUSD is bearish on the long-term outlook. The bulls were in control of the BNB market after the breakout from the consolidation mode. Two weeks ago, the crypto was on the upward movement to the resistance level of $33. The level holds and the price dropped with the help of the bears’ pressure. The support level of $29 was tested. The momentum of the bears could not break down the level. The price is moving up at the moment. The price action has formed a symmetrical triangle in the daily chart.

BNBUSD daily chart, December 05

The two EMAs are coming closer to each other and the price is trading up and down over the 9 periods EMA and 21 periods EMA indicating a ranging market. The breakdown of the lower trend line of the triangle at the support level of $29 may push down the price to the $26 support level which may drop the price at the $24 support level.

BNBUSD medium-term Trend: Bearish

The BNBUSD market is controlled by the bears. The bulls pushed the coin to touch the resistance at $31 on December 01. The bulls’ momentum becomes weak and could not break the level upside. The bears took over the market and the price was pushed down to retest the support level of $29. Ranging movement within the symmetrical triangle formed continues until there is a breakout at the $29 level or $31 price level.

BNBUSD 4 hour chart, December 05

The 9 periods EMA is trying to cross the 21 periods EMA upside, nevertheless, the price remains below the 21 periods EMA which indicates sellers’ power. However, the relative strength index period 14 is at 40 levels pointing up to indicate a buy signal.

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Author : Azeez Mustapha

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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.