Binance Coin (BNBUSD) May Continue a Bearish Movement to $256 Support Level

Bears may continue to dominate

BNBUSD Price Analysis – October 21

Binance Coin may continue its bearish movement if the daily candle close below the $256 level, the support levels of $239 and $219 may be the target. Inability to break down the $256 level by the bears may leads to bullish trend towards $276, $300 and $330 levels.

BNB/USD Market

Key levels:

Supply levels: $276, $300, $330

Demand levels: $256, $239, $219

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 at $300 level. It is a bearish signal and the bears holds unto the Binance Coin market. Former support level of $276 has turned to resistance level. The price is heading towards the support level of $256. Further price decrease envisaged.

The Binance Coin pulls back to retest the resistance level of $300, price was rejected at the mentioned level. It is currently moving down gradually. 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 close below the $256 level, the support levels of $239 and $219 may be the target. Inability to break down the $256 level by the bears may leads to bullish trend towards $276, $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 $256. The price pulls back to retest the dynamic resistance levels.  Bearish movement may continue in Binance coin market.

The Binance Coin is trading below the 9 periods EMA and 21 periods EMA which indicate that sellers’ momentum is increasing.

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