BNB Price Analysis – July 20
Binance Coin, at the time of penning down this analysis, it was seen trading below the major support at $17.8.
Resistance levels: $19.5, $20.0, $20.5
Support levels: $16.5, $16.0, $15.5
The BNB price has finally broken the $18 support level after touching the daily high of $18.3, and it continues its downward fall. The $18 support level is critical support where price has been holding for some sometimes while this makes the support level a strong support zone. However, BNB price is likely to hold if the price respects the previous price zone.
Nevertheless, BNB/USD is likely to rise if the bulls defend the $17 support level. In other words, if the bulls break the $19 resistance level, the coin may resume its upward move and could hit $19.5, $20.0, and $20.5 resistance levels. However, this analysis will be invalidated if the bears break the $17 support level, and Binance Coin (BNB)’s price may likely fall to the low of $16.5, $16.0, and $15.5 support levels as the RSI (14) nosedives below 60-level; possible selling pressure may likely occur if it moves below 50-level.
Against Bitcoin, the price of Binance Coin is seen facing the south within the channel, and if the price actions keep falling below the 9-day MA; BNB coin may remain under the control of bear radar. More so, the traders need more strong and consistent resistance to snatch the market price from the bear-run.
From above, if the buyers can push the price above the channel, higher resistance is found at 0.0021 BTC and 0.0022 BTC. Moreover, should the bulls fail to move it above the channel, then, the nearest level of support toward the downside lies at 0.0018 BTC and below while the RSI (14) moves below 65-level, which shows that the sellers are coming up slowly.