Sellers are dominating Binance Coin market
BNBUSD Price Analysis – 17 March
In case buyers gain more momentum, Binance Coin may surpass its most recent highs of $332 and $361 and finally close on the psychological level of $432. If sellers defend $332 resistance level, the $314 support level may be penetrated downside and test the $300 and $298 support levels.
BNB/USD Market
Key levels:
Supply levels: $332, $361, $432
Demand levels: $314, $300, $298
BNBUSD Long-term Trend: Bullish
BNBUSD is bullish on the long-term outlook. On 10 March, the low support level of $276 was tested. The bears’ momentum and the development of a powerful bullish pin bar opposed the bearish momentum. Following the scenario is the formation of strong bullish candles, this pushes up the price to break up the resistance levels of $300 and $314. At the moment, the price is struggling to break up the $332 resistance level.
The 9-period EMA is crossing the 21-period EMA upside as an indication of a bullish movement. The resistance level of $332 is currently proving difficult for Binance Coin’s price to overcome. In case buyers gain more momentum, Binance Coin may surpass its most recent highs of $332 and $361 and finally close on the psychological level of $432. If sellers defend $332 resistance level, the $314 support level may be penetrated downside and test the $300 and $298 support levels.
BNBUSD medium-term Trend: Bullish
Binance Coin is bullish on the 4-hour chart. The sellers lose their momentum when the price was pushed to test the support level of $276. The bearish pressure stopped at that point. A Marubozu candle pattern formed and there was a bullish reversal at the point. The price increases steadily to the $332 level.
Binance Coin has broken up the $314 level upside. At the moment, Binance Coin is trading above the 9- and 21-period exponential moving averages, which indicate that buyers are in control of Binance Coin market.
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