BNB/USD Medium-term Trend: Ranging

Distribution territories: $10.25, $10.75, $11.25
Accumulation territories: $9, $8.50, $8

It has been closely observed that the BNB/USD market worth is still being in a ranging motion outlook until present. The crypto actually dropped in its market value on October 29 but that still occurred within the range territories that have neither been breached southwards nor northwards convincingly.

During the dropping motion, the market declined a bit below the $9.50 lower range territory to start hovering around it till now. The 50-day SMA’s trend-line is a bit below the upper Bollinger Band while the lower Bollinger Band has also stretched southward a bit below the $9.50 lower range line to guard against a possibility of this crypto falling further from that point. The Stochastic Oscillators have penetrated into the oversold zone.

There is a probability that this market will still continue in its consolidation movement that may mostly favor Shorty lows than ups so far the middle Bollinger Band or the 50-day SMA’s trend-line remained un-breached northwards.

BNB/USD market valuation declined significantly on October 29 while been traded in the short-term run. As a result, the former range was convincingly breached southwards to encounter a strong territory at around $9.37.

Yesterday, the crypto strived to swing northward slightly around the $9.50 territory but in the short run lost momentum to rise further as it declined to range along with the middle Bollinger Band. Today, the $9.50 and $9.30 price territories have been marked as current range zones. All the economic trading indicators are also within the said zone as at now. The Stochastic Oscillators seem to continue its consolidation movement around range 40. A non-reversal breakout against the $9.40 territory is expected to take place in order to confirm a directional change of the current market moving mode.

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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