Binance Coin (BNBUSD) Price Approaches Potential Bullish Reversal Level

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BNBUSD Price Analysis – January 07

Further increase in the sellers’ momentum will push down the Binance Coin to break the support level of $430 and if the daily candlestick close below it, then, the price may decrease further to test the $364 support levels.

BNBUSD Market

Key levels:

Resistance levels: $503, $540, $599

Support levels: $430, $364, $311

BNBUSD Long-term trend: Bearish

Binance coin is bearish on the daily chart. The crypto was trading between the resistance level of $540 and the support level of $503 last week. The coin has tested the resistance level of $540 twice which indicate a signal for the bears to dominate the Binance coin market. On 05 January, the bears prevailed over the bulls with the formation of strong bearish candle that breaks down the support level of $503, the price is decreasing towards the $430 price level.

BNBUSD Daily chart, January 07

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 distance which indicate that the bears’ momentum is gradually increasing in the Binance coin market. The Relative Strength Index period 14 is at 20 levels with the signal lines pointing down to indicate sell signal. Further increase in the sellers’ momentum will push down the Binance Coin to break the support level of $430 and if the daily candlestick close below it, then, the price may decrease further to test the $364 support levels. Inability to break down the support level of $430 by the bears, BNBUSD will break up the $503 and bullish trend may commence to the resistance levels at $540, and $599.

BNBUSD medium-term Trend: Bearish

BNBUSD is bearish in the 4-hour chart. The price was ranging within the $540 and $503 levels last week.  The price broke up the resistance level of $540 on December 27. The sellers rejected the price increase and break down the support level of $503 on January 05. The price is heading towards the support level of $430.

BNBUSD 4-hour chart, January 07

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

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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.