Binance (BNBUSD) Price May Increase Towards Previous High Provided Support Level of $26 holds

Binance (BNBUSD) Price May Increase Towards Previous High Provided Support Level of $26 holds

BNBUSD Price Analysis – September 18

An increase in the bears’ pressure may break down the support level at $26 which may drop the price to $24 and $22 support level. In case the support level at $26 holds, consolidation may continue. The coin may face barriers at $30, $35, and $41 resistance level.

BNB/USD Market
Key levels:

Supply levels: $30, $35, $41
Demand levels: $26, $24, $22

BNBUSD Long-term Trend: Bullish

The buyer’s pressure has pushed the price to a significant resistance level of $30. The coin is bullish on the daily time frame. A bearish reversal candle pattern emerges called Doji evening star at the same resistance level. This is the major reason why the price dropped suddenly to the support level at $26 with the formation of a massive bearish candle. The bears have made attempt thrice to break down the support level at $26 but unable, then, consolidation commences.

BNBUSD Daily chart, September 18

The price sits directly on the dynamic support level consolidating. The 9 periods EMA is above the 21 periods EMA and the coin is at the top of the two indicating that the bulls are still holding the market. An increase in the bears’ pressure may break down the support level at $26 which may drop the price to $24 and $22 support level. In case the support level at $26 holds, consolidation may continue. The coin may face barriers at $30, $35, and $41 resistance level.

BNBUSD medium-term Trend: Bearish

BNB price is bearish in the 4-hour chart. The crypto was on the bullish trend last week. The bullish trend was interrupted by the sellers when a big bearish candle emerges as an engulfing candle to the previous one at the $30 price level. The price decline to the support level at $26, it bounces and tests the level a second time.

BNBUSD 4-hour chart, September 18

The price may increase towards the previous high in case the demand level of $26 holds.The crypto is trading between the 9 periods EMA and 21 periods EMA and the Relative Strength Index period 14 pointing down at 50 levels indicate a sell signal.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.