BNBUSD Price Analysis – March 04
The price may commence a bullish trend if the daily candle close above the $448 level, the resistance levels of $516 and $561 may be the target. Inability to break up the $448 level by the bulls may leads to ranging movement within $448 and $397 levels.
BNB/USD Market
Key levels:
Supply levels: $448, $516, $561
Demand levels: $397, $383, $345
BNBUSD Long-term Trend: Bullish
BNBUSD is bullish on the long-term outlook. The price action on the daily chart shows that Binance coin is producing a double bottom chart pattern. It tested the support level of $383 on January 24, it pulled back to test the resistance level of 4448 when the bulls defend the support level of $397. The bears oppose the bulls at the mentioned level and the price retested the previous low at $397 on February 24. The price is currently increasing towards the resistance level of $448.
The Binance Coin is trading above the two EMAs which indicate that bulls are getting ready to take control of the market. The fast moving EMA (9 periods) is trying to cross the slow moving EMA (21 periods) upside. The price may commence a bullish trend if the daily candle close above the $448 level, the resistance levels of $516 and $561 may be the target. Inability to break up the $448 level by the bulls may leads to ranging movement within $448 and $397 levels.
BNBUSD medium-term Trend: Bullish
Binance coin is on the bullish movement on the 4 hour chart. The buyers are opposing the bears at the support level of $329. It bounces up and broke the resistance level of $397. The double bottom chart pattern is clearly seen on the 4-hour chart. The buyers increased their momentum and the price is targeting $448 level.
The Binance Coin is trading slightly above the 9 periods EMA and 21 periods EMA which indicate that buyers are gradually returning in to the market.
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