Binance Coin (BNBUSD) Price Breaks Out at $540 Level, Testing Support Level at $503

Updated:

BNBUSD Price Analysis – December 17

The price may reduce to $430 and $364 support levels provided the support level at $503 does not hold. In case the just mentioned level holds, BNB price may increase towards the resistance levels at $540, $599, and $678.

BNB/USD Market

Key levels:

Supply levels: $540, $599, $678

Demand levels: $503, $430, $364

BNBUSD Long-term Trend: Bearish

The BNB market follows the last report prediction; a double 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 $678 on 01 December; 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 $503 support level.

BNBUSD Daily chart, December 17

The crypto seems to be pulling back as the bullish candle is forming at the support level of $503. The price is trading below the Moving Averages 9 and 21 at a distance to indicate strong bearish momentum. The price may reduce to $430 and $364 support levels provided the support level at $503 does not hold. In case the just mentioned level holds, BNB price may increase towards the resistance levels at $540, $599, and $678.

BNBUSD medium-term Trend: Bearish

On the 4-hour chart, BNBUSD was ranging within the resistance level at $599 and support level at $540 before a fake breakout at the $599 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 $503.

BNBUSD 4-hour chart, December 17

The Relative Strength Index period 14 is at the 50 level and the signal line pointing upside which indicates that the price may reverse at the support level of $503 and the bulls may take over the market.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.