BNBUSD Price Analysis – October 08
Binance Coin may continue a bullish movement as the daily candle closes above the $430 level, the resistance levels of $599 and $678 may be tested. Inability to propel the price to $503 level by the bulls, it may leads to bearish movement towards $430, $364 and $311 levels.
BNB/USD Market
Key levels:
Supply levels: $503, $599, $678
Demand levels: $430, $364, $311
BNBUSD Long-term Trend: Bullish
BNBUSD is bullish on the long-term outlook. Binance Coin change direction to bullish when the price declined to reach the support level of $311. On September 28, a candle pattern called ‘Morning star’ appeared. The price followed the direction of the candle pattern and increases to break up the former resistance level of $364. The bullish pressure extends to $434 resistance level where it is currently consolidating.
The Binance Coin is trading above the two EMAs which indicate that bulls are in control of the market. The fast moving EMA (9 periods) has crossed the slow moving EMA (21 periods) upside. Binance Coin may continue a bullish movement as the daily candle closes above the $430 level, the resistance levels of $599 and $678 may be tested. Inability to propel the price to $503 level by the bulls, it may leads to bearish movement towards $430, $364 and $311 levels.
BNBUSD medium-term Trend: Bullish
Binance coin is on the bullish movement on the 4 hour chart. The sellers lose control over the Binance coin at the support level of $311 on September 26. The coin bounces towards north. Former resistance level of $364 has turned to support level. At the moment, the price is consolidating at the resistance level of $433.
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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