Binance Coin (BNBUSD) May Commence Bullish Movement Soon

BNBUSD Price Analysis – February 04

The price may continue its bearish movement if the daily candle close below the $364 level, the support levels of $254 and $142 may be the target. Inability to break down the $364 level by the bears may leads to bullish trend towards $419, $503 and $599 levels.

BNB/USD Market

Key levels:

Supply levels: $419, $503, $599

Demand levels: $364, $254, $142

BNBUSD Long-term Trend: Bearish

BNBUSD is bearish on the long-term outlook. The coin followed the direction of the double top chart pattern formed on 01 December. It is a bearish signal and the bears holds unto the Binance Coin market. Former support levels of $599 and $503 have turned to resistance level. The price level at $419 was penetrated downside on January 21 but currently consolidating.

The Binance Coin pulls back to retest the dynamic resistance levels, it continue 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 close below the $364 level, the support levels of $254 and $142 may be the target. Inability to break down the $364 level by the bears may leads to bullish trend towards $419, $503 and $599 levels.

BNBUSD medium-term Trend: Bearish

Binance coin is on the bearish movement on the 4 hour chart. The sellers are still holding unto the Binance coin market as the support level of $364 was penetrated last week. The buyers interrupted the bearish movement and the low of $254 could not be reached. The price pulls back to retest the dynamic resistance levels and currently consolidating at $364 level.

The Binance Coin is trading around the 9 periods EMA and 21 periods EMA which indicate that ranging movement is in progress.

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