- The Trading volume of Binance Coin at the time of writing this article is +1.61%
- The price of BNB/BTC and BNB/ETH at the time of writing this article is 0.007399BTC and 0.1181ETH respectively
- Price took support on the 20MA but broke it and 50MA.
LONG TERM VIEW:-
In the daily time interval, we can see that the price is below the 50MA which is a bearish sign as it was taking support on 20MA before but now it is below the 50MA. Let’s have a look at the technical indicators to see if the price will go bearish more or we can expect a change in the direction of the price.
Firstly we can have a look at the MACD as it is showing a Green histogram, meaning the MACD line is above the Signal line but we can see the MACD line has already changed its direction which means the MACD line will cross the Signal line in a bearish trend. In addition to that, we can see the RSI is in the neutral zone near 48.70 but we can see the RSI line is pointing towards the oversold zone of 30 which means the bears are winning the fight against the bulls.
Lastly, we can see the Moving average in which the 20MA and 50MA are very close so we can see an intersection there but 20MA,50MA, and 100MA are above the 200MA.
SHORT TERM VIEW:-
In the 4hr time interval, we can see the MACD is already showing a red histogram meaning the MACD line is below the Signal line which shows the sentiment of the people has already changed in the 4hr. Having said that the RSI is in the neutral zone near 32 but it is very close to the oversold zone of 30 so we can see the RSI line going there if the bears keep this pressure.
Lastly, the 20MA has already changed its direction which means it’s going to cross 50MA soon which also shows how people are changing their thinking.
CONCLUSION:-
Looking at both long term and short term we can see the trend is bearish and will be bearish till the price hits support. There is a bearish sentiment in the 4hr time interval which means it is going to reflect on the daily chart soon we can see the sign like MACD line changing its direction etc. if the bulls were able to push the price from the support the trend can be reversed or else it will continue to be bearish.
RESISTANCE:-$433,$461
SUPPORT:-$390,$365