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BNBUSD Price Analysis – June 04
In case the support level of $364 holds, the price will continue its uptrend movement towards the resistance level of $503 and $599. On the other hand, more pressure from the sellers may push down the Binance Coin to break the support level of $364 which may decrease further to $311 and $254 levels.
Resistance levels: $420, $503, $599
Support levels: $364, $311, $254
BNBUSD Long-term trend: Bullish
Binance coin is bullish on the daily chart. The bearish pressure under which Binance Coin was operating for more than two weeks pushed the price to found support at $254 on May 23. A bullish engulfing candle formed at the same level the following day. This is what made the price reversed. The price increases to $420. Today, the daily bearish candle open the market and it seems it will pull back before the continuation of bullish trend.
The Binance Coin is pulling back at the moment. It is trading between the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is above 40 levels with the signal lines pointing down to indicate sell signal. In case the support level of $364 holds, the price will continue its uptrend movement towards the resistance level of $503 and $599. On the other hand, more pressure from the sellers may push down the Binance Coin to break the support level of $364 which may decrease further to $311 and $254 levels.
BNBUSD medium-term Trend: Bullish
BNBUSD is bullish in the 4-hour chart. Binance Coin bounced at the support level of $254, it hits the $364 level and pulled back before it increases to $420. The price action in the 4 hour chart has formed a short “W” chart pattern. It means the price may increase to $599 resistance level. Sellers are dominating the market today and the price is pulling back to retest $364 level.
Binance coin is trading below 9 periods EMA and 21 periods EMA as a bearish sign which may be a pullback.Coin
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