Binance Coin (BNBUSD) May Retest Previous Low $56 Level

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Bears Dominate Binance Coin Market

BNBUSD Price Analysis – October 07

After the price retracement, Binance coin may continue its bullish movement when the daily candle close above the $300 level, the resistance levels of $330 and $361 may be reached. Ability to break down the $276 level by the bears may lead to bearish movement towards $256 and $209 levels.

BNB/USD Market

Key levels:

Supply levels: $300, $330, $361

Demand levels: $276, $256, $209

BNBUSD Long-term Trend: Bullish

BNBUSD is bullish on the long-term outlook. The crypto is gradually breaking out from the descending channel formed. Which indicate that buyers are increasing their momentum in the Binance coin market. Last two weeks, the price tested the support level of $256 and bounced upside. The resistance level of $276 was broken upside and the price reached $300 level. At the moment, the price is pulling back.

Binance Coin is currently trading above the $276 level. The price is trading slightly above the two EMAs which indicate that bulls’ momentum is increasing. The fast moving EMA (9 periods) remains above the slow moving EMA (21 periods). After the price retracement, it may continue its bullish movement when the daily candle close above the $300 level, the resistance levels of $330 and $361 may be reached. Ability to break down the $276 level by the bears may lead to bearish movement towards $256 and $209 levels.

BNBUSD medium-term Trend: Bullish

On the 4 hour chart, Binance coin is on the bullish movement. Last week, buyers dominate the cryptocurrency market. Bulls are holding unto the Binance coin market when the resistance level of $276 was penetrated upside. The buyers’ momentum push price above the descending channel trend line and the resistance level of $300 is tested. At the moment sellers are dominating 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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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.