BNBUSD Price Analysis – August 15
The breakup at the resistance level of $22 will increase the price to $23 price level which may extend to $24. Failure to break up the $22 price level by the bulls may cause the price to consolidate within a price range.
Supply levels: $22, $23, $24
Demand levels: $21, $20, $18
BNBUSD Long-term trend: Bullish
The Binance has been under the buyers’ control for many weeks. That means the coin is bullish in the daily chart. The coin soared towards the north and tested the resistance level at $23 on August 05. The strength of the buyers became weak and the sellers seize the opportunity to push down the coin to the support level at $20 level. The sellers’ strength is not enough to break down the mentioned level, Doji candle pattern formed and the price reverses towards the previous high of $22.
The coin is testing the resistance level at $22 which is the second time and it is trading above the 9 periods EMA and 21 periods EMA. The breakup at the resistance level of $22 will increase the price to $23 price level which may extend to $24. Failure to break up the $22 price level by the bulls may cause the price to consolidate within a price range. Looking downside, the key support level can be found at $21, $20, and $18. The RSI is above 60 levels and the signal line pointing upside connotes buy signal.
BNBBTC Long-term Trend: Ranging
BNBBTC is on the ranging movement in the daily chart. The price is range-bound within the resistance level at the 20641 SAT and support level at the 18429 SAT. Binance is currently trading around the 9periods EMA and 21 periods EMA in which the two EMAs are close to each other as a symbol of ranging market. The price action has formed an asymmetrical triangle in which the breakout is expected at either upper or lower trend line.
The Relative Strength Indicator period 14 is pointing upside above 50 levels to indicate buy signal. It is advisable to place Buy Stop at $23.82, Stop Loss at $22.53 and Take Profit at $26.00.