Binance (BNBUSD) Price: Bears Oppose Bulls at $503 Level, Further Price Declination Envisaged

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BNBUSD Price Analysis – September 17

The price may decline further towards the previous low of $364. In case, the daily candle closed below the just mentioned level, then, the price may decline to $311 and $254 support levels. Should the bulls break up the resistance level of $433, price may reach $503 and $599 resistance levels.

BNB/USD Market

Key levels:

Supply levels: $433, $503, $599

Demand levels: $364, $311, $254

BNBUSD Long-term Trend: Bearish

BNBUSD is bearish on the long-term outlook. The bears are holding to the Binance Coin market; this scenario commenced when the coin reached the resistance level of $503 on 23 August. The bulls were unable to break up the barrier at the level just mentioned. The bears moved in to the market with full force; this is noticed with the formation of strong daily bearish candle that pushes the price down to the support level of $364. The support level rejects the price and it commences ranging movement.

The Binance Coin continue its trading below the two EMAs which indicate that bears are dominating the market while the fast moving EMA (9 periods) is remains below  the slow moving EMA (21 periods). The price may decline further towards the previous low of $364. In case, the daily candle closed below the just mentioned level, then, the price may decline to $311 and $254 support levels. Should the bulls break up the resistance level of $433, price may reach $503 and $599 resistance levels. The relative strength indicator is at 40 levels bending upside which indicate buy signal.

BNBUSD medium-term Trend: Bearish

Binance coin is on the bearish movement on the 4 hour chart. After the consolidation that took place at the resistance level of $503. The bears prevailed over the bulls and the price decreased sharply to the support level of $364. It pulled back to retest the previous high. The coin is currently declining towards the support level of $364.

The Binance Coin is trading below the 9 periods EMA and 21 periods EMA which indicate that sellers are returning in to the market.

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