Binance (BNBUSD) Price Bounces at $364, Bullish Trend May Commence

BNBUSD Price Analysis – September 10

The price may bounce up away from the support level of $420 provided the level holds, bullish trend may continue towards the $433, $503 and $599 levels. Should the support level of $420 is broken down by the bulls, then $364 and $311 levels may be tested.

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 coin reached the resistance level of $503 on 23 August. The barrier at the level withstand the bulls and the price could not break through. It started consolidating around the place for many days. On 07 September, the sellers gained more momentum, this is noticed on the daily chart with the formation of strong daily bearish candle and the price declines, and break down the support level of $433, the $420 level is tested.

BNBUSD Daily chart, September 10

The Binance Coin is trading below the two EMAs which indicate that bears are dominating the market while the fast moving EMA (9 periods) is trying to cross the slow moving EMA (21 periods) downside. The price may bounce up away from the support level of $420 provided the level holds, bullish trend may continue towards the $433, $503 and $599 levels. Should the support level of $420 is broken down by the bulls, then $364 and $311 levels may be tested. 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. The coin was on the ranging movement, started two weeks ago when the resistance level of $503 held the price. The bears prevailed and the $433 level was penetrated downside. At the moment, the price action is trying to form an inverted head and shoulder chart pattern which is an indication that price may commence bullish trend.