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.
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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