Binance (BNBUSD) Looks Ready to Break Lower

Binance (BNBUSD) Looks Ready to Break Lower

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.

BNBUSD daily chart, December 11

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.

BNBUSD 4-hour chart, December 11

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

 

  • 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!

Author : Azeez Mustapha

Avatar

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.