Binance Coin (BNBUSD) Price Forms Double Top Chart Pattern, Price Declination Is Possible

BNBUSD Price Analysis – April 23

Increase in the sellers’ momentum will push the Binance Coin below the support level of $503 and if the daily candlestick close below it, then, the price may decrease further to test the $420 and $364 support level. Failure to break down the support level of $503 by the bears will increase the price to the resistance levels at $599, $663, and $758.

BNBUSD Market

Key levels:

Resistance levels: $599, $663, $758

Support levels: $503, $420, $364

BNBUSD Long-term trend: Bearish

The bears are getting ready to take over the BNBUSD market. In other words Binance coin is bullish in daily chart. The bulls pushes the coin to test the resistance level at $599 on April 12. It pulled back to retest the support at $420.The price could not break down the mentioned level and pulled back. The resistance level of $599 is tested second time on April 20 to form a double top chart pattern. The price may decrease further.

Binance Coin is penetrating the fast moving average and the price is trading in between the 9 periods EMA and 21 periods EMA which indicate that the bears are gaining upper hand in the Binance coin market. The Relative Strength Index period 14 is above 50 levels with the signal lines pointing down to indicate a sell signal. Increase in the sellers’ momentum will push the Binance Coin below the support level of $503 and if the daily candlestick close below it, then, the price may decrease further to test the $420 and $364 support level. Failure to break down the support level of $503 by the bears will increase the price to the resistance levels at $599, $663, and $758.

BNBUSD medium-term Trend: Bearish

BNBUSD is bearish in the 4-hour chart. The resistance level of $599 was tested on 12 April, the Binance coin bounces back due to weak bullish momentum. The price descends and penetrates the support level at $503 and it is moving towards the support level of $420.

The price is currently retesting the broken level. The price has penetrated 9 periods EMA and 21 periods EMA downside while the coin is trading below the two EMAs which connotes an increase in the bears’ momentum.