Binance (BNBUSD) Price; Double Bottom Chart Pattern – Bullish Trend to $28 Level Envisaged

Binance (BNBUSD) Price; Double Bottom Chart Pattern – Bullish Trend to $28 Level Envisaged

BNBUSD Price Analysis – September 25

BNB may break up the two dynamic resistance level, which may increase the price towards the $28 – 30 resistance level provided $26 level does not hold.

BNB/USD Market
Key levels:

Supply levels: $26, $28, $30
Demand levels: $24, $22, $20

BNBUSD Long-term Trend: Bullish

The bearish reversal candle pattern that emerged called Doji evening star at the resistance level of $30 on September 14 made the price dropped to the $26 support level. The price consolidates for four days. There was an increase in the bears’ pressure and the support level of $26 penetrated the downside. The price bottomed at $22. It ranged for two days before the bulls gather momentum to break up the $24 price level. The price is currently targeting a resistance level of $26.

BNBUSD Daily chart, September 25

The two EMAs are close together, the price is attempting to break up the 9 periods EMA and 21 periods EMA in other to establish a bullish movement. BNB may break up the two dynamic resistance level, which may increase the price towards the $28 – 30 resistance level provided $26 level does not hold. The coin may commence ranging movement if the resistance level of $26 holds. The bearish movement may be confronted with support levels at $24, $22, $20.

BNBUSD medium-term Trend: Bullish

The bearish trend the market experienced last two weeks has placed the BNB price at the support level of $22 on September 22, it pulled back to retest the $24 resistance level. It decreases to test the demand level of $22 second time on September 24. The price action has formed a double bottom price chart. This pushes up the price towards the $26 level after penetrating the $24 price level.

BNBUSD 4-hour chart, September 25

The crypto is currently trading above the 9 periods EMA and 21 periods EMA couple with the Relative Strength Index period 14 pointing up above 50 levels to indicate a buy 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.