BINANCE (BNBUSD) Price Breaks Out at $22 Level, Testing Support Level at $20

BNBUSD Price Analysis – September 04

The price may reduce to $18 and $16 support level provided the support level at $20 does not hold. In case the just mentioned level holds, BNB price may increase towards the resistance levels at $22, $24, and $35.

BNB/USD Market

Key levels:

Supply levels: $22, $24, $30, $35
Demand levels: $20, $18, $16

BNBUSD Long-term Trend: Bearish

The BNB market follows the last report prediction; a triple top chart pattern formed in the daily chart, traders should be expecting a big fall. Initially, there was a fake breakout at the resistance level of $24 on 01 September; a long-legged Doji daily candle was formed. The sellers flux the market and there was a big fall with the formation of the strong and massive bearish candle. The price drops to the previous low $20 support level.

The crypto seems to be pulling back as the bullish candle is forming at the support level of $20. The price is trading below the Moving Averages 9 and 21 at a distance to indicate strong bearish momentum. The price may reduce to $18 and $16 support level provided the support level at $20 does not hold. In case the just mentioned level holds, BNB price may increase towards the resistance levels at $22, $24, and $35.

BNBUSD medium-term Trend: Bearish

On the 4-hour chart, BNBUSD was ranging within the resistance level at $24 and support level at $22 before a fake breakout at the $24 level. The breakout was interrupted by the sellers and this brought about the sharp and sudden reversal of the price. The price reduces to last month low and it is currently at the support level at $20.

The Relative Strength Index period 14 is at the oversold zone and the signal line pointing upside which indicates that the price may reverse at the support level of $20 and the bulls may take over the market.