Binance Coin (BNBUSD): Can This Be a Bearish Reversal?

 Sellers oppose Buyers in Binance Coin market

BNBUSD Price Analysis – 03 February

In case buyers get up more steam, Binance Coin may break through its recent highs of $330 and $361 and eventually approach the $400 barrier mark. Price might breach the $314 level of support and test the $300 and $276 levels of support.

BNB/USD Market

Key levels:

Supply levels: $330, $361, $400

Demand levels: $314, $300, $276

 

BNBUSD Long-term Trend: Bullish

BNBUSD is bullish on the long-term outlook. On November 28, the coin was rejected at the $300 resistance level. The previous support level of $276 was shattered when the sellers increased their pressure on the price. The cryptocurrency tested the $219 support level after the previous support level of $255 failed to hold. On December 17, after the bulls made a comeback, the price increased to $300. The price tested the $314 level on 14 January and pulled back to retest $300 level.  After three days, the resistance level of $314 was broken and the price reached $330 resistance level.

The retested high from November is currently being challenged by bulls. Binance coin is trading between the $314 and $330 levels. The 9-period EMA is above the 21-period EMA and Binance Coin is trading just above them. In case buyers get up more steam, Binance Coin may break through its recent highs of $330 and $361 and eventually approach the $400 barrier mark. Price might breach the $314 level of support and test the $300 and $276 levels of support.

BNBUSD medium-term Trend: Bullish

Binance Coin is bullish on the 4-hour chart. The Binance Coin tested the $330 resistance level on 02 February and bounced off, indicating an increase in pressure from the bears. An inverted pin bar formed at the just mentioned level. The price decreases and the dynamic support level of the 9-period EMA are broken downside.

The Binance Coin is currently trading between the 9- and 21-period exponential moving averages, which shows that there is low momentum from buyers.

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