Binance Coin (BNBUSD) Price: Sellers Oppose Buyers at $330 Level

Updated:

 BNBUSD Price Analysis – August 19

When bears break down the $286 support level, price may decrease to the $256 and $209 support levels. An increase in bulls’ momentum may break up the resistance level of $330, then, Binance Coin may incline to $361 and $400 levels.

BNB/USD Market

Key levels:

Supply levels: $330, $361, $400

Demand levels: $286, $256, $209

BNBUSD Long-term Trend: Bearish

BNBUSD is bearish on the long-term outlook. The crypto finally reached our target for last week prediction; the inverted head and shoulder formed triggered a bullish momentum in Binance con market. The bullish momentum has increased the price to the resistance level of $330. The just mentioned level was our target and the bulls lose momentum at the same level given room for the bears. The price   reverse  and it is currently declining. It is struggling to break down the support level of $286.

The price is trading below the two EMAs which indicate that sellers are dominating the Binance coin market. The fast moving EMA (9 periods) is crossing the slow moving EMA (21 periods) downside. The two EMAs are close to each other indicating an increase in the bears’ momentum. When bears break down the $286 support level, price may decrease to the $256 and $209 support levels. An increase in bulls’ momentum may break up the resistance level of $330, then, Binance Coin may incline to $361 and $400 levels.

BNBUSD medium-term Trend: Bearish

Binance coin is on the bearish movement on the 4 hour chart.  The Binance coin was under the bulls’ control last week. The resistance level of $330 was reached with the aid of bulls’ pressure. Bullish movement could not continue when the bears defended the $330 resistance level. The price is trying to penetrate the support level of $286 downside.

The Binance Coin is trading below the 9 periods EMA and 21 periods EMA which indicate that sellers are in control of Binance coin 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.