Binance Coin (BNBUSD): Will There Be a Bullish Reversal at $209 Level?

Updated:

BNBUSD Price Analysis – June 17

Should the bears exert more pressure to break down the support level of $209, Binance Coin may decline to $186 and $156 levels. Inability to break down the $209 level by the bears may leads to price reversal towards the $245, $286 and $330 resistance levels.

BNB/USD Market

Key levels:

Supply levels: $245, $286, $330

Demand levels: $209, $186, $156

BNBUSD Long-term Trend: Bearish

BNBUSD is bearish on the long-term outlook. On May 12, the support level of $209 was tested with the formation of long tailed pin bar which indicate that bulls are ready to dominate the market. The coin increases and tested the resistance level of $330. The just mentioned level holds and the price increase was rejected. The price changed direction and the previous low of $209 was tested.

The Binance Coin is currently testing the support level of $209 as second time. The price is trading below the two EMAs which indicate that bears are still in control of the market. The fast moving EMA (9 periods) remains below the slow moving EMA (21 periods). Should the bears exert more pressure to break down the support level of $209, Binance Coin may decline to $186 and $156 levels. Inability to break down the $209 level by the bears may leads to price reversal towards the $245, $286 and $330 resistance levels.

BNBUSD medium-term Trend: Bearish

Binance coin is on the bearish movement on the 4 hour chart. The sellers would not let Binance Coin go as the previous low of $209 was tested second time. The price is consolidating around the mentioned level at the moment.

The Binance Coin is trading below the 9 periods EMA and 21 periods EMA which indicate that sellers are holding unto 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.