Binance Coin (BNBUSD) Is Targeting $256 Support Level

Updated:

BNBUSD Price Analysis – September 02

The price may continue its bearish movement if the daily candle closes below the $256 level, the support levels of $209 and $187 may be the target. Inability to break down the $256 level by the bears may leads to bullish trend towards $286, $330, and $360 levels.

BNB/USD Market

Key levels:

Supply levels: $286, $330, $360

Demand levels: $256, $209, $187

BNBUSD Long-term Trend: Bearish

BNBUSD is bearish on the long-term outlook. The coin followed the direction of the pin bar candle pattern formed at $330 level. It is a bearish signal and the bears holds unto the Binance Coin market. Former support level of $286 has turned to resistance level. The price level at $330 level opposed the bulls’ momentum at $330. The price is expose to $256 level.

The Binance Coin pulls back to retest the resistance level of $286, it continue trading close to the $286 level. The price is trading below the two EMAs which indicate that bears are still in control of the market. The fast moving EMA (9 periods) remains below the slow moving EMA (21 periods). The price may continue its bearish movement if the daily candle closes below the $256 level, the support levels of $209 and $187 may be the target. Inability to break down the $256 level by the bears may leads to bullish trend towards $286, $330, and $360 levels.

BNBUSD medium-term Trend: Bearish

Binance coin is on the bearish movement on the 4 hour chart. The sellers are holding unto the Binance coin market as the support level of $286 was penetrated last week. The buyers are interrupting the bearish movement. The price pulls back to retest the dynamic resistance levels.

The Binance Coin is trading around the 9 periods EMA and 21 periods EMA which indicate that sellers and buyers momentum is low.

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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.