Resistance level of $219.2 may not hold
BNBUSD Price Analysis: 20 October
When buyers hold the $204.9 support level, the $219.2 resistance level might be broken higher, posing a threat to the $237.0 and $254.2 resistance levels. If sales keep growing at the current rate, BNB may close below the critical $167.9 mark, having previously fallen to its most recent lows of $204.9 and $187.3.
BNB/USD Market
Key levels:
Supply levels: $219.2, $237.0, $254.2
Demand levels: $204.9, $187.3, $167.9
BNBUSD Long-term Trend: Ranging
A range movement by BNBUSD on the daily chart. Sellers dominated the BNB market for over three weeks. The price dropped to $204.9 on August 22, which is a solid support level. It retested the $219.2 resistance level after retreating. On September 11, the support level was tested again at $204.9. On September 24, a third test was conducted. At the moment, the price ranges from $219.2 to $204.9. However, if the $204.9 support level holds, the bulls will seize control of the market.
The cryptocurrency is in a sideways trend and is trading above and below the 9- and 21-period exponential moving averages. When buyers hold the $204.9 support level, the $219.2 resistance level might be broken higher, posing a threat to the $237.0 and $254.2 resistance levels. If sales keep growing at the current rate, BNB may close below the critical $167.9 mark, having previously fallen to its most recent lows of $204.9 and $187.3.
BNBUSD medium-term Trend: Ranging
Over the following four hours, the trend could get better. The struggle between the sellers and the buyers disrupts the triple bottom pattern which first surfaced at the $204.9 support level. There were early indications that purchasers were attempting to corner the market. Following the opposition of the sellers, the price commences a movement within the range of $219.2 and $204.9. This scenario will continue until there is a breakout.
At the moment, BNB is trading close to the 9 and 21-period exponential moving averages. The upward rise of the relative strength index period 14 signal line at level 53 indicates a buy.
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