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

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors


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.

You can purchase crypto coins here. Buy LBlock

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.