BNBUSD Price Analysis – December 11
The ability to break down the support level of $26 will expose the price to $24 and $22. In case the support level of $26 is defended by the bulls, the price may reverse and face the $29. $33, and $37 resistance price level.
BNB/USD Market
Key levels:
Supply levels: $29, $31, $33, $37
Demand levels: $26, $24, $22
BNBUSD Long-term Trend: Bearish
BNBUSD is bearish on the long-term outlook. The price action formed a symmetrical triangle in the daily chart last week inside which the price was seeking a breakout. The bears eventually prevailed over the bulls. The price broke out at the $29 support level. The price decline towards the $26 support level and the level is tested and pulls back slightly. Today, another daily bearish candle emerges and that indicate further price reduction.
The 9 periods EMA is under 21 periods EMA and the coin is trading below the two EMAs at a distance which indicates increase in the bears’ momentum. The ability to break down the support level of $26 will expose the price to $24 and $22. In case the support level of $26 is defended by the bulls, the price may reverse and face the $29. $33, and $37 resistance price level. The Relative Strength Index period 14 is bending down at 40 levels connotes sell signal.
BNBUSD medium-term Trend: Bearish
The bears are controlling the BNBUSD market in the 4 hour chart. The bears pushed the price out of the symmetrical triangle, the former support level of $29 was penetrated down side and the price is moving closer to the support level of $26.
The 9 periods EMA has crossed the 21 periods EMA downside, and the price is trading below the 9 periods EMA which indicates increase in the sellers’ pressure. However, the relative strength index period 14 is at 20 levels pointing down to indicate a sell signal.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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