Binance (BNBUSD) Looks Ready to Break Lower

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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.

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