Binance (BNBUSD) Price; Is It a Pullback or Price Reversal at $31 Level?

Binance (BNBUSD) Price; Is It a Pullback or Price Reversal at $31 Level?

BNBUSD Price Analysis – October 16

The pullback is ongoing and the price may continue the bullish trend towards the resistance levels at $33 and $35 in case the $31 price level does not hold. Further increase in the bears’ pressure may break down the $29 price level which may decline to $26 and $24 price levels.

BNB/USD Market
Key levels:

Supply levels: $31, $33, $35
Demand levels: $29, $26, $24

BNBUSD Long-term Trend: Bullish

The coin was on the ranging mode for more than two weeks within the resistance level of $29 and a support level of $26. The bulls prevailed over the bears and there was a breakout at the resistance level of $29 and the price increases towards the resistance level of $31. The price hits the $31 level yesterday; it had a fake breakout and later closed the daily candle below the $31. Today, the bears open the market with a strong bearish candle to retest the $29 price level.

BNBUSD Daily chart, October 16

Last week, the price was struggling to break up the resistance level at $29, it has successfully broken up the level and the price is trading above the 9 periods EMA and 21 periods EMA which connotes a bullish trend. The pullback is ongoing and the price may continue the bullish trend towards the resistance levels at $33 and $35 in case the $31 price level does not hold. Further increase in the bears’ pressure may break down the $29 price level which may decline to $26 and $24 price levels.

BNBUSD medium-term Trend: Bullish

BNBUSD is bullish in the 4-hour chart. The price soared to the resistance level at $31 after the breakout from the consolidation zone. The resistance level at $31 has been tested twice and currently pulling back to retest the $29 level. On the 4-hour chart, in case the bears penetrate the $29 level downside, the price may test the previous low at $26.

BNBUSD, 4-hour chart, October 16

At the moment, the coin is trading below the 9 periods EMA and 21 periods EMA and the Relative Strength Index period 14 is pointing down at 50 levels which connotes 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.