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BNBUSD may retest $204.9 level
BNBUSD Price Analysis 01 September
If selling continues at their current rate, BNB might drop to its most recent lows of $204.9 and $187.3 before closing beneath the crucial $167.9 mark. The $219.2 resistance level can be broken higher, providing a challenge to the $237.0 and $254.2 resistance levels, if buyers can hold the $204.9 support level.
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: Bearish
BNBUSD exhibits a bearish movement. Sellers are gaining the upper hand in the BNB market after a pullback experienced last week. Three weeks ago there was a low volatility, price changes were limited to the $254.2 to $236.9 range. On August 29, buyers won the day over sellers. The previous high of $237.0 was tested after the resistance level of $219.2 was breached. The sellers defend the just-mentioned level and it prevents further price increases. Yesterday, $219.2 level was breached and the price faced a previous low of $204.9 level.
The currency pair is below both the 9-period and 21-period exponential moving averages, indicating a bearish trend. If selling continues at their current rate, BNB might drop to its most recent lows of $204.9 and $187.3 before closing beneath the crucial $167.9 mark. The $219.2 resistance level can be broken higher, providing a challenge to the $237.0 and $254.2 resistance levels, if buyers can hold the $204.9 support level.
BNBUSD medium-term Trend: Bearish
Bearish movement may continue in the 4-hour time frame. The significance of the double bottom chart pattern that had emerged at the $219.2 support level was lost as the bears’ momentum increased. Initial signals suggested that purchasers would probably seize market control. The buyers’ enthusiasm decreased after the forced price test at the $237.0 barrier level. The price is currently attempting to challenge $204.9 level.
BNB is currently trading below both the 9- and 21-period exponential moving averages. A sell is implied when the relative strength index period 14 signal line is pointing downward at level 36.
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