Binance Coin (BNBUSD) May Fall at $286 Resistance Level

Updated:

BNBUSD Price Analysis – July 29

Further increase in bulls’ pressure may break up the resistance level of $330, then, Binance Coin may incline to $361 and $400 levels. When bears break down the $286 support level by the sellers, price may move towards the $209 and $256 support levels.

BNB/USD Market

Key levels:

Supply levels: $330, $361, $400

Demand levels: $286, $256, $209

BNBUSD Long-term Trend: Bullish

BNBUSD is bullish on the long-term outlook. The crypto follow the direction of our last week prediction. The bulls dominate the market after the formation of chart pattern called an inverted head and shoulder. This triggers a bullish movement towards the resistance level of $286. The resistance level of $286 could not hold the price and it is currently moving towards the resistance level of $330.

Buyers are dominating the Binance coin market as the price is trading above the two EMAs. The fast moving EMA (9 periods) is above the slow moving EMA (21 periods). The two EMAs are separated to indicate an increase in the bulls’ momentum. Further increase in bulls’ pressure may break up the resistance level of $330, then, Binance Coin may incline to $361 and $400 levels. When bears break down the $286 support level by the sellers, price may move towards the $209 and $256 support levels.

BNBUSD medium-term Trend: Bullish

Binance coin is on the bullish movement on the 4 hour chart.  Binance coin market experienced a bullish movement when the chart pattern called inverted head and shoulder formed. The price pulled back last week but penetrating resistance level of $286 at the moment, indicating that bullish trend may continue.

The Binance Coin is trading above the 9 periods EMA and 21 periods EMA which indicate that buyers are in control of Binance coin 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.