Posted In: Forex Trading Posted On: 2019/04/16 18:02 PM Posted By: ituglobal
Binance Coin (BNB) Price Analysis – April 15
For the past two weeks, Binance Coin has been trading below $20.5, the yearly high, following a bearish sentiment. While BNBBTC market consolidates, BNBUSD is actually playing out on a decline as the sellers target next support level. However, a bullish breakout may continue an upward direction.
Resistance levels: $20, $21
Support levels: $17, $16
BNBUSD performance has been quite impressive since the beginning of the year 2019; recording its all-time high at $20.5 in early April. After the steady drop to $17 area, the bulls increased momentum as price retested the ATH area; carving a descending broadening wedge formation.
In the last few hours of trading, the bears appeared to be resuming the rally. A selling pressure is gradually aiming $17 and $16 supports; respecting the trend line.
The important RSI is currently facing downward, signaling a bearish play. Reaching the oversold area may position the token at the mentioned price levels. A bullish play is likely to retest $20 resistance level. Surpassing the level may lead to a bullish continuation.
Following the market structure, BNBBTC is bearish on a medium-term trend as the price trades within a channel pattern. The fall began slowly after a double-bottom pattern at 0.0044 BTC high, which led the bears to the lower trend line at 0.0033 BTC before the bulls walk to 0.0039 BTC; testing the upper trend line.
Since yesterday, the price action has remained below 0.0039 BTC resistance level. A cross above this resistance could poise BNB for an upside trend. A long position could meet resistance at 0.0042 BTC resistance level. On the other hand, a downward move is likely at 0.0034 BTC and 0.0033 supports.
As revealed on the 4-hours RSI, the cryptocurrency is trading below the overbought level.
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