Binance Coin (BNBUSD) May Reverse Towards Previous Low Level

Updated:

 BNBUSD Price Analysis – July 15

Should the bears exert more pressure to break down the support level of $209, Binance Coin may decline to $186 and $156 levels. Ability to break up the $256 level by the bulls may lead to price increase towards the $286, and $330 support levels.

BNB/USD Market

Key levels:

Supply levels: $256, $286, $330

Demand levels: $209, $186, $156

 

BNBUSD Long-term Trend: Bullish

BNBUSD is bullish on the long-term outlook. The price action formed an inverted head and shoulder chart pattern on the daily time frame last week. This is what triggered a bullish movement. The coin was under the bulls’ control last week. The bulls are currently dominating the market. The price is heading towards the resistance level of $256. Further price increase envisaged.

Bulls are dominating 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). Should the bears exert more pressure to break down the support level of $209, Binance Coin may decline to $186 and $156 levels. Ability to break up the $256 level by the bulls may lead to price increase towards the $286, and $330 support levels.

BNBUSD medium-term Trend: Bullish

Binance coin is on the bullish movement on the 4 hour chart. What triggers the bullish movement in the 4 hours time frame in the binance market is the formation of an inverted Head and Shoulder chart pattern. The price pulled back to retest the support level of $209. At the moment, the bulls are trying to push price for the breaking up of $256 resistance level.

The Binance Coin is trading above the 9 periods EMA and 21 periods EMA which indicate that buyers are gradually dominating the 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.