Binance Coin (BNBUSD) May Continue a Bearish Movement

Updated:

BNBUSD Price Analysis – September 23

The price may continue its bearish movement if the daily candle close 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 $256, $300 and $330 levels.

BNB/USD Market

Key levels:

Supply levels: $276, $300, $330

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 candle pattern formed at $330 level called Pin Bar. It is a bearish signal and the bears holds unto the Binance Coin market. Former support level of $330 has turned to resistance level. The price level at $276 was penetrated downside on September 06, it pulled back to retest the $300 level. At the moment it is trying to break down $256 level.

The Binance Coin pulls back to retest the resistance level of $330, it continue trading between the $330 and $256 levels. The price is trading between the two EMAs which indicate that bears and bulls have low momentum. 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 $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 $256, $300 and $330 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 $276 was penetrated last week. The buyers interrupted the bearish movement at the low of $209. 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.