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BNBUSD Price Analysis – August 05
When bears break down the $286 support level by the sellers, price may move towards the $209 and $256 support levels. An increase in bulls’ momentum may break up the resistance level of $330, then, Binance Coin may incline to $361 and $400 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 buyers are in control of the Binance coin market. The Crypto is still following the direction of the chart pattern called inverted head and shoulder formed last two weeks. It is the pattern that 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 continue to dominate 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. When bears break down the $286 support level by the sellers, price may move towards the $209 and $256 support levels. An increase in bulls’ momentum may break up the resistance level of $330, then, Binance Coin may incline to $361 and $400 levels.
BNBUSD medium-term Trend: Bullish
Binance coin is on the bullish movement on the 4 hour chart. The Binance coin is heading towards the resistance level of $330 after the formation of an inverted head and shoulder chart pattern. The price has broken up the resistance levels of $256 and $286. More pressure from the bulls may lead to the breaking up of the mentioned level.
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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