Binance Coin (BNBUSD): Bears Opposes Bull at $256 Level

Updated:

 BNBUSD Price Analysis – July 01

Inability to break up the $256 level by the bulls may lead to price reversal towards the $209, $186 and $156 support levels. Should the bulls exert more pressure to break up the resistance level of $256, Binance Coin may incline to $286 and $330 levels.

BNB/USD Market

Key levels:

Supply levels: $256, $286, $330

Demand levels: $209, $186, $156

BNBUSD Long-term Trend: Bearish

BNBUSD is bearish on the long-term outlook. There was low bearish movement in the market of Binance Coin. Last two weeks, the support level of $209 was tested with the formation of an inverted head and shoulder chart pattern. Which indicate that bulls are ready to dominate the market. The price hit the dynamic resistance level and it pulled back with the formation of daily bearish candles. It is declining towards the support level of $209.

The price is trading below the two EMAs which indicate that bears are gradually dominating the market. The fast moving EMA (9 periods) remains below the slow moving EMA (21 periods). Inability to break up the $256 level by the bulls may lead to price reversal towards the $209, $186 and $156 support levels. Should the bulls exert more pressure to break up the resistance level of $256, Binance Coin may incline to $286 and $330 levels.

BNBUSD medium-term Trend: Bullish

Binance coin is on the bullish movement on the 4 hour chart. The bullish movement commenced after the formation of an inverted Head and Shoulder chart pattern on 4-hour chart. The price pulled back to retest the support level of $209. At the moment, the bulls are trying to take over the market.

The Binance Coin is trading above the 9 periods EMA and 21 periods EMA which indicate that buyers are gradually dominating the market.

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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.