BNB/USD Medium-term Trend: Bearish

Distribution territories: $10.70, $10.90, $11.10
Accumulation territories: $10.10, $9.90, $9.70

A few days ago, Binance Coin successively appreciated in its market price valuation against the U.S. dollar as it featured lower highs than lows. The successive lower highs got stopped while the crypto moved slightly above the middle Bollinger Band to start a ranging price movement.

In the medium-run, the crypto was overwhelmed by bears’ presence as the BNB/USD market value was dragged southward to briefly break past both the 50-day SMA and the lower Bollinger Band. Price has now been hovering between the middle Bollinger Band and the lower Bollinger Band as the 50-day SMA is located between them as well. The Stochastic Oscillators have moved south to seemingly starting to cross to point north. Traders may wait for a good active bearish reversal to launch a long entry.

As at yesterday, the U.S. dollar basically prevailed over the Binance Coin market price valuation. The crypto had initially made a notable spike as the market price point saw a major high of around $10.62 or thereabouts as at during the early trading hours.

The crypto was prevailed by bears, and the market value was pushed southwards from the middle Bollinger Band past both the 50-day SMA and the lower Bollinger Band to touch the $10.24 price territory. Thereafter, it started making a correction as the price moved a bit up to test $10.44 price territory around the middle Bollinger Band. Price has now been traded between both the middle and lower Bollinger Bands. The Stochastic Oscillators have briefly moved past range 40 to point north. This suggests that bullish market may soon be experienced in the market of Binance Coin.

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

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