Binance Coin (BNBUSD) Price may Reach of $599 and $678 Levels Provided $503 Holds Not

Updated:

BNBUSD Price Analysis – October 15

In case the daily candle closes above the $503 level, Binance Coin may continue a bullish movement towards the resistance levels of $599 and $678. Inability to penetrate $503 level by the bulls 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. After the formation of candle pattern called Morning Star on September 28 at $311 support level. Binance Coin change direction to bullish. It sporadically increase to break up the resistance levels of $364 and $430. There was a price retracement on October 06 and it tested the dynamic support levels. On October 11, the bullish movement is restore and it tested the resistance level of $503 today and pulled back.

BNBUSD Daily chart, October 15

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. In case the daily candle closes above the $503 level, Binance Coin may continue a bullish movement towards the resistance levels of $599 and $678. Inability to penetrate $503 level by the bulls may leads to bearish movement towards $430, $364 and $311 levels.

BNBUSD medium-term Trend: Bullish

On the 4 hour chart, Binance coin is on the bullish movement. The bullsh movement commences after the formation of bullish engulfing candle at $400 level on October 12. Former resistance level of $364 has turned to support level when it penetrated the mentioned level. The coin pulled back last week to retest the dynamic support level.  At the moment, the bullish movement is restored and the price is increasing towards the resistance level of $503.

Binance Coin 4-hour chart, October 15

The Binance Coin is trading above the 9 periods EMA and 21 periods EMA which indicate that buyers 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.