Binance Coin (BNBUSD) Price Breaks Down $599 Level, Further Decrease Envisaged

Azeez Mustapha

Updated:

Unlock Daily Forex Signals

Select a Plan

£39

1 - month
Subscription

Select

£89

3 - month
Subscription

Select

£129

6 - month
Subscription

Select

£399

Lifetime
Subscription

Select

£50

Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored
Checkmark

Service for copy trading. Our Algo automatically opens and closes trades.

Checkmark

The L2T Algo provides highly profitable signals with minimal risk.

Checkmark

24/7 cryptocurrency trading. While you sleep, we trade.

Checkmark

10 minute setup with substantial advantages. The manual is provided with the purchase.

Checkmark

79% Success rate. Our outcomes will excite you.

Checkmark

Up to 70 trades per month. There are more than 5 pairs available.

Checkmark

Monthly subscriptions begin at £58.


BNBUSD Price Analysis – May 14

Inability to break down the support level of $503 by the bears, BNBUSD will break up the $678 and bullish trend may continue to the resistance levels at $758, and $850.

BNBUSD Market

Key levels:

Resistance levels: $678, $758, $850

Support levels: $599, $503, $420

BNBUSD Long-term trend: Bearish

Binance coin is bearish on the daily chart. The crypto was trading between the resistance level of $678 and the support level of $599 last week. The coin has tested the resistance level of $678 twice which indicate a signal for the bears to dominate the Binance coin market. On 12 May, the bears prevailed over the bulls with the formation of strong bearish candle that breaks down the support level of $599, the price is decreasing towards the $503 price level.

BNBUSD Daily chart, May 14

Binance Coin has penetrated the fast moving average and the slow moving average downside. The coin is trading below the 9 periods EMA and 21 periods EMA at close contact which indicate that the bears’ momentum is gradually increasing in the Binance coin market. The Relative Strength Index period 14 is at 50 levels with the signal lines pointing up to indicate buy signal which may be a pullback. Further increase in the sellers’ momentum will push down the Binance Coin to break the support level of $503 and if the daily candlestick close below it, then, the price may decrease further to test the $420 support levels. Inability to break down the support level of $503 by the bears, BNBUSD will break up the $678 and bullish trend may continue to the resistance levels at $758, and $850.

BNBUSD medium-term Trend: Bearish

BNBUSD is bearish in the 4-hour chart. The price action formed a “Tripple top” on the 4-hour chart; this is a bearish chart pattern. The price tested the resistance level of $678 on May 03. The second touch was on May 10 and the third time was on May 12. The price could not penetrate the level but rather breaks down the $593 level.

BNBUSD 4-hour chart, May 14

Binance coin is trading below 9 periods EMA and 21 periods EMA which indicate an increase in the bears’ momentum.

You can purchase crypto coins here: Buy coins

 

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • 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.

Leave a Reply

Your email address will not be published. Required fields are marked *