Binance (BNBUSD) May Reverse at $26 level as Double Bottom Chart Pattern Formed

Binance (BNBUSD) May Reverse at $26 level as Double Bottom Chart Pattern Formed

BNBUSD Price Analysis – November 27

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: $29, $31, $33
Demand levels: $26, $24, $22

BNBUSD Long-term Trend: Bearish

On the long-term outlook, BNBUSD is bearish. Two weeks ago, the crypto was on the ranging mode within the $29 and $26 price level. The bulls initially gained more pressure and push the coin to break out at the $29 resistance level. The price increase to test the resistance level of $33 after it breaks up the $31 level. The strong daily bearish candle emerges and interrupts the bulls on November 25. The bears continue to dominate the market and the support level of $26 was retested.

BNBUSD Daily chart, November 28

The two EMAs have been penetrated downside and the price is trading below the 9 periods EMA and 21 periods EMA which indicates that the bears are in control of the market. 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.

BNBUSD medium-term Trend: Bearish

The bulls pushed the coin to penetrate the resistance level of $33 but they are unable. The sellers gained more pressure to break down the support level of $31. The price declines to penetrate the $29.2 level which later extends to the $26.4 level.

BNBUSD 4-hour chart, November 28

The 9 periods EMA has crossed the 21 periods EMA downside and the coin is trading below the two EMAs to indicate that the bears are in control of the BNBUSD market. The Relative Strength Index period 14 is bending down at 40 levels which indicates a sell signal.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.