Binance (BNBUSD) Price: Bulls May Dominate Soon

BNBUSD Price Analysis – September 24

The price may continue its bearish movement if the daily candle close below the $364 level, the support levels of $311 and $254 may be the target. Inability to break down the $364 level by the bears may leads to bullish trend towards $430, $503 and $599 levels.

BNB/USD Market

Key levels:

Supply levels: $430, $503, $599

Demand levels: $364, $311, $254

BNBUSD Long-term Trend: Bearish

BNBUSD is bearish on the long-term outlook. The coin followed the direction of the double top chart pattern formed on September 05. It is a bearish signal and the bears holds unto the Binance Coin market. Former support level of $430 has turned to resistance level. The price level at $364 was penetrated downside on September 21 but currently pulls back.

The Binance Coin pulls back to retest the dynamic resistance levels, it continue trading below the two EMAs which indicate that bears are still in control of the market. The fast moving EMA (9 periods) remains below the slow moving EMA (21 periods). The price may continue its bearish movement if the daily candle close below the $364 level, the support levels of $311 and $254 may be the target. Inability to break down the $364 level by the bears may leads to bullish trend towards $430, $503 and $599 levels.

BNBUSD medium-term Trend: Bearish

Binance coin is on the bearish movement on the 4 hour chart. The sellers are still holding unto the Binance coin market as the support level of $364 was penetrated last week. The buyers interrupted the bearish movement and the low of $311 could not be reached. The price pulls back to retest the dynamic resistance levels.

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

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