BINANCE (BNBUSD) Price: Would the Sellers Defend Resistance Level at $142?

12 February 2021 | Updated: 14 February 2021
BNBUSD Price Analysis – February 12

In case the buyers were able to push the price above the resistance level of $142 and the daily candlestick close above the level, then, the price may incline further to test $169 and $178 resistance level. Inability to break up the resistance level of $142, the price may decline to the support levels at $117, $98 and $74.

GBP/JPY Market
Key levels:

Supply levels: $142, $169, $178

Demand levels: $117, $98, $74

BNBUSD Long-term trend: Bullish

BNBUSD is bullish on the long-term outlook. The coin broke out of the consolidation zone on February 05. The bulls acquired more momentum and pushed up the coin to reach a high of $74 on February 06. The resistance at $74 level prevented further increase in price and the price pulled back to retest the broken level. The Bulls further increase their pressure to penetrate the $98 and $117 levels, the bullish momentum has extends to $142 level.

BNBUSD daily chart, February 12

The 21 periods EMA is below the 9 periods EMA and the coin is trading above the two EMAs at a distance to the EMAs. The Buyers’ pressure is gradually increasing and further price increase is envisaged. The Relative Strength Index period 14 is above 80 levels with the signal lines pointing up to indicate a buy signal. In case the buyers were able to push the price above the resistance level of $142 and the daily candlestick close above the level, then, the price may incline further to test $169 and $178 resistance level. Inability to break up the resistance level of $142, the price may decline to the support levels at $117, $98 and $74.

 BNBUSD medium-term Trend: Bullish

The bulls rule the BNB market throughout last week. The price action of BNBUSD is trying to form a double top chart pattern provided the resistance level of $142 hold the price second time. The price tested the resistance level of $142 on February 10, pulls back to retest $117 level. It is currently increasing towards the previous high.

BNBUSD 4-hour chart, February 12

The RSI indicator period 14 is at 70 levels and the signal lines bending up to indicate a buy signal.

 

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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.