BNB/USD Medium-term Trend: Ranging Distribution territories: $7, $7.50, $8 Accumulation territories: $5.50, $5, $4.5

About two days back, BNB/USD market stance witnessed a significant drawdown during the trading sessions. During the course of declination on January 28, the pair got to test $6 low mark.

Towards the end of the trading sessions, the crypto has now been seeing a line of choppy price movements within $6.50 and $6 range zones until the present. The Bollinger Middle Band has intercepted the 50-day SMA from the top. The stochastic oscillators are now consolidating within the oversold zone. That shows that bears’ impact on the market hasn’t been exhausted totally.

Now, traders may have to wait and choose between getting a good reversal pattern at each of the two range zones while that occurs, to either enter a buy or a sell order as the case may be.

BNB/USD market worth in the short-term run also has been witnessing different amounts of ranging movements. Yesterday, the crypto-market choppy price movements were mostly seen a bit above the Bollinger Middle Band.

Today, the pair has continued to range tightly below the Bollinger Middle Band. All the indicators are located within the $6.40 and $6 range zones as both the 50-day SMA and the Bollinger Upper Band have conjoined closer to the upper range mark. The Stochastic Oscillators are consolidating around range 50.

Bulls are now expected to muster their strength below the current upper range zone of the market in order to have a stronger stride to back up their probable swing uptrend in the market.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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