Posted In: Forex Trading Posted On: 2019/05/08 20:32 PM Posted By: ituglobal
Binance Coin (BNB) Price Analysis – May 8
For the past two weeks, Binance Coin trading has been trending below the last high due to the supply forces in the market. As a result of this, the sellers appeared to be gaining control of the market. If the buyers manage to position trade above the channel, the BNB market may resume a positive move.
Resistance levels: $24, $26
Support levels: $19, $17
The best-performing cryptocurrency appeared to be losing control of the market as price remains low since it labeled the all-time high on April 20. Currently, BNB maintains a slope movement while trading within a channel. The actual scenario could be revealed on the 4-hours MACD which now plays bearish.
As confirmed on the 4-hours RSI which is reflected at the oversold level, a possible drop is likely to bottom at $19 support and possibly $17 level. This could position the BNB market in a bearish scenario. In the opposite direction, a swing high is possible at $24 and $26 resistance level.
However, if the buyers managed to sustain price significantly above the $26, a new price may be established around a tight area of $28 – $30 levels.
On April 11, Binance Coin climbed to reach the 0.0048BTC before plunging in a channel. Earlier today, the selling pressure hit the last month rise level of 0.0034BTC testing the lower channel. After retouching the mentioned level, the market rebound and formed a pin bar candle – a signal for a bullish move. A retest is likely at 0.004BTC before resuming the rally.
Meanwhile, the potential support for the next rally can be expected at around 0.0032BTC level. Now, the bearish scenario is revealed on the 4-hours MACD; reflecting the supply forces in the market.
Furthermore, the 4-hour RSI is significant at the oversold condition; confirming a strong selling pressure. However, a notable break above the channel may set the market in a bullish trend. for now, Binance Coin is obviously following a bearish sentiment against the Bitcoin market.
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