Binance Coin (BNBUSD) Price: Double Top Chart Pattern, Bears Are Dominating

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BNBUSD Price Analysis – November 19

In case the support level of $503 is penetrated, the price may reduce to $430 which may extend to $364. Should the support level of $503 holds, the price may reverse and face the resistance levels of $540, $599 and $678.

BNB/USD Market

Key levels:

Supply levels: $540, $599, $678

Demand levels: $503, $430, $364

BNBUSD Long-term Trend: Bearish

On the long-term outlook, BNBUSD is bearish. The Binance Coin has formed a double top chart pattern on the daily time frame at the resistance level of $678. The first touch was on November 08, it pulled back to test the support level of $599. The second touch was on November 11, the resistance level of $678 holds and the price decline. The price has penetrated the support levels of $599 and $540.

BNBUSD Daily chart, November 19

The Binance Coin is trading below the two EMAs at distance which indicate that bearish momentum is increasing in the Binance market. The fast moving EMA (9 periods) is trying to cross the slow moving EMA (21 periods) downside. In case the support level of $503 is penetrated, the price may reduce to $430 which may extend to $364. Should the support level of $503 holds, the price may reverse and face the resistance levels of $540, $599 and $678.

BNBUSD medium-term Trend: Bearish

Binance coin is on the bearish movement on the 4 hour chart. Bears opposed the bullish momentum at $678 resistance level. A strong bearish candle formed which is an indication of the bears’ interruptions. The Crypto tested the resistance level of $678 two times at different date. The bulls could not push up the price further. The coin decreases to break down the support levels of $599 and $540.

BNBUSD 4-hour chart, November 19

The Binance Coin is trading below the 9 periods EMA and 21 periods EMA which indicate that sellers are 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.