Binance Coin (BNBUSD) May Pull Back at $286 Resistance Level

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BNBUSD Price Analysis – July 22

Should the bulls exert more pressure to break up the resistance level of $286, Binance Coin may incline to $330 and $361 levels. Ability to break down the $256 support level by the bears may push the price towards the $256, $209 and $186 support levels.

BNB/USD Market

Key levels:

Supply levels: $286, $330, $361

Demand levels: $256, $209, $186

 

BNBUSD Long-term Trend: Bullish

BNBUSD is bullish on the long-term outlook. The chart pattern called an inverted head and shoulder triggers a bullish movement towards the resistance level of $286. This make the bulls to dominate the market. The resistance level of $256 was broken upside last week. The price is heading towards the resistance level of $286.

Bulls continue to dominate the market as the price is trading above the two EMAs. The fast moving EMA (9 periods) crossed above the slow moving EMA (21 periods). The two EMAs are separated to indicate an increase in the bulls’ momentum. Should the bulls exert more pressure to break up the resistance level of $286, Binance Coin may incline to $330 and $361 levels. Ability to break down the $256 support level by the bears may push the price towards the $256, $209 and $186 support levels.

BNBUSD medium-term Trend: Bullish

Binance coin is on the bullish movement on the 4 hour chart.  Bullish movement experience in the Bonance coin market was caused by the chart pattern formed called inverted head and shoulder. The price pulled back last week but later penetrates resistance level of $286.

 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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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.