BINANCE (BNBUSD) Price Penetrates Support Level at $21, Further Decrease Envisaged

Azeez Mustapha
14 August 2020 | Updated: 14 August 2020
BNBUSD Price Analysis – August 14

Should daily candle close below the $20 level, then, the sellers will have enough opportunity to sell the coin to the low demand level at $18 and $16. When demand level at $20 continues to hold the price, the bullish trend may continue and the resistance levels may be found at $21, $22, and $23.

GBP/JPY Market
Key levels:

Supply levels: $21, $22, $23
Demand levels: $20, $18, $16

BNBUSD Long-term trend: Bearish

The strength of the buyers is becoming weak and the sellers are technically taking over the market, in order words BNBUSD is bearish. Nevertheless, amid the bearish zone, the bulls made the coin to have a change of 1.39% yesterday as the daily candle was rejected at the demand level of $20. This morning, another bearish candle emerges that is currently breaking the demand level at $20 downside.

BNBUSD Daily chart, August 14

Looking at the daily chart, the coin is breaking down the dynamic support level. The price is trading between 19 periods EMA and 21 periods EMA. The support level at $20 has been tested thrice and the price was rejected, should daily candle close below the $20 level, then, the sellers will have enough opportunity to sell the coin to the low demand level at $18 and $16. When demand level at $20 continues to hold the price, the bullish trend may continue and the resistance levels may be found at $21, $22, and $23.

BNBUSD medium-term Trend: Bearish

BNB is bearish in the 4-hour time frame. The price is currently trading below the $20 price level and more bearish candles are producing which indicates that the price may decline further. The asymmetrical triangle is equally formed with the price action and it is pressing the lower trend line of the shape.

BNBUSD 4-hour chart, August 14

The Relative Strength Indicator period 14 is above 40 levels exhibiting a sell signal. Selling the coin to the $20 demand level may likely come to play.

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.