Binance Coin (BNBUSD): Double Top Chart Pattern at $345 Level, Bearish Reversal Envisaged

 Sellers may continue to dominate Binance Coin market

BNBUSD Price Analysis – 21 April

Binance Coin may surpass its most recent highs of $333 and $345 and ultimately close at the psychological level of $361 should buyers acquire further traction. The $314 support level can be broken on the downside, probing the $300 and $286 support levels, if sellers are able to withstand the $333 resistance level

BNB/USD Market

Key levels:

Supply levels: $333, $345, $361

Demand levels: $314, $300, $286

BNBUSD Long-term Trend: Bearish

BNBUSD is bearish on the long-term outlook.  When Binance reached a high of $345 on March 18, a bearish trend began. As the bullish momentum faded, sellers took control of the market. The price falls below the $314 level of support and moves in a range for a few days. As the bearish trend intensified, the $300 threshold was tested. The price resumed a bullish trend as a result of the bulls’ pressure. The price appears to be heading toward the $300 level if the $314 level permits. The price is currently pulling back to retest $333.

A bearish swing is indicated by the downward crossover of the 21-period EMA by the 9-period EMA. The price of Binance Coin is currently trading between the two EMAs. Binance Coin may surpass its most recent highs of $333 and $345 and ultimately close at the psychological level of $361 should buyers acquire further traction. The $314 support level can be broken on the downside, probing the $300 and $286 support levels, if sellers are able to withstand the $333 resistance level.

BNBUSD medium-term Trend: Bearish

Binance Coin is bearish on the 4-hour chart. When the price was forced to test the $345 resistance level, the buyers lost momentum. The bullish surge then came to a halt. A bearish engulfing candle pattern, a bearish reversal candle pattern, appeared. Pricing gradually tested $314 level, but the sellers’ momentum faltered and there is a price retracement at the moment.

As a sign of a bearish market, Binance Coin is currently trading between the 9- and 21-period exponential moving averages. The relative strength index period 14 indicates a selling signal when the signal line is pointing up at 46 levels.

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