Binance Coin (BNBUSD): Inverted Head and Shoulder Chart Pattern at $186 Level

Updated:

BNBUSD Price Analysis – June 24

Should the bulls exert more pressure to break up the resistance level of $256, Binance Coin may incline to $286 and $330 levels. Inability to break up the $256 level by the bulls may lead to price reversal towards the $209, $186 and $156 support 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. Last week, there was no significant movement in the BNB market. The support level of $209 was tested with the formation of long tailed pin bar on June 15, which indicate that bulls are ready to dominate the market. Following the scenario is the fake breakout but the bears’ momentum could not sustain it. The coin increases and break up the dynamic resistance level of 9 periods EMA. The price is increasing towards the $256 level.

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

BNBUSD medium-term Trend: Bullish

Binance coin is on the bullish movement on the 4 hour chart. The price action has formed an inverted Head and Shoulder chart pattern on 4-hour chart. It is a bullish pattern and the price has the tendency to increase and test the resistance level of $256.

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.