Binance Coin (BNBUSD) Tests a Potential Bullish Reversal Zone

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Bulls May Dominate Binance coi n market

BNBUSD Price Analysis – October 14

Bearish movement may continue if the sellers push Binance coin below the support level of $256, then, support levels of $209 and $187 may be tested. Inability to break down $256 level may lead the coin to the resistance levels at $276, $300 and $330.

BNB/USD Market

Key levels:

Supply levels: $276, $300, $330

Demand levels: $256, $209, $187

BNBUSD Long-term Trend: Bearish

BNBUSD is bearish on the long-term outlook. Buyers were in control of Binance coin market last week. The price tested the resistance level of $300 and pulled back with the help of the sellers’ pressure. More daily bearish candles appears and the crypto decreases. The support level of $276 was broken downside. The $256 level is tested. It is currently pulling back to retest $276 level.

Binance Coin is pulling back to retest resistance level of $276, the coin is trading below the $276 level at close distance indicating that bearish momentum is low. The fast moving EMA (9 periods) is crossing the slow moving EMA (21 periods) downside at the moment. Bearish movement may continue if the sellers push the coin below the support level of $256, then, support levels of $209 and $187 may be tested. Inability to break down $256 level may lead the coin to the resistance levels at $276, $300 and $330.

BNBUSD medium-term Trend: Bearish

Binance coin is on the bearish movement on the 4 hour chart. Sellers interrupted the buyers at the resistance level of $300. The price decline and break down the support level of $276. More pressure from the sellers produced more bearish candles which pushed the price to the support level of $256. At the moment on 4-hour chart, price is bouncing up retesting $276 level.

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

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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.