Binance (BNBUSD): Breaking $31 Resistance Level Upside May Increase BNB to $33

Binance (BNBUSD): Breaking $31 Resistance Level Upside May Increase BNB to $33

BNBUSD Price Analysis – December 19

The ability to break up the resistance level of $31 will expose the price to $33 and $37 price levels. In case the support level of $31 is defended by the bears, the price may reverse and continue its bearish movement towards the support levels of $29, $26 and $24.

BNB/USD Market
Key levels:

Supply levels: $31, $33, $37

Demand levels: $29, $26, $24

BNBUSD Long-term Trend: Bullish

BNBUSD is bullish on the long-term outlook. There was a bearish breakout that took place two weeks ago from the symmetrical triangle formed on the daily chart. The price tested the support level of $26 but unable to penetrate. A bullish engulfing candle formed and this triggered the bulls’ momentum. The price increases and $29 price level was broken upside. At the moment, the price is trying to break up the resistance level of $31.

BNBUSD Daily chart, December 19

The 9 periods EMA is currently above the 21 periods EMA and the coin is trading above the two EMAs at a distance which indicates an increase in the bulls’ momentum. The ability to break up the resistance level of $31 will expose the price to $33 and $37 price levels. In case the support level of $31 is defended by the bears, the price may reverse and continue its bearish movement towards the support levels of $29, $26 and $24. The Relative Strength Index period 14 is bending up at 60 levels connotes buy signal.

BNBUSD medium-term Trend: Bullish

The bears were unable to break down the support level of $26 after the breakout that occurred from the triangle in the BNB market last two weeks. The bulls successfully defend the support level of $26 and the price bounces and rally towards the north. The resistance level of $29 could not hold the price, breaks it up and increases to $31 price level.

BNBUSD 4-hour chart, December 19

 

The 9 periods EMA has crossed the 21 periods EMA upside, and it is trading above the 9 periods EMA which indicates increase in the buyers’ pressure. Meanwhile, the relative strength index period 14 is at 70 levels pointing up to indicate a buy signal.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

 

 

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Author : Azeez Mustapha

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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.