- The trading volume of Binance Coin in the last 24hr at the time of writing this article is -10.18%
- The price of BNB/BTC and BNB/ETH at the time of writing this article is 0.009981 BTC and 0.1358 ETH respectively.
- The price took the support on 50MA, and the price is near the 20MA again
Long term view:-
In the daily chart time analysis, we can see the bears successfully break the support of the 20MA, but the bulls are also not giving up. The bulls help the price bounce back up from the 50MA and head towards the 20MA again, but the bears again started to push the price down, not letting the bulls break the 20MA resistance. Let’s have a look at the technical analysis to see if the price will go towards the resistance or the support? First, we can see the MACD, which is showing red histograms as the MACD line is below the signal line, and there is no sign that the lines will change their direction soon.
In addition, we can see the RSI is in the neutral zone near 53 and the RSI line pointing towards the oversold zone of 30, which means the bears are winning the fight against the bulls in the order book. Lastly, the moving average is showing that the 20MA is above the 50MA, and both are above the 100MA.
Short term view:-
In the 4hour time interval, the 50MA is acting as a resistance, and the bulls are trying their best to break it. The MACD shows a bullish sign as the MACD line is above the signal line and shows green histograms, but the lines are very close and cross each other soon if the movement is correct. In addition to that, the RSI is in the neutral zone near 53, and the RSI line is pointing towards the overbought zone of 70, which means bulls are winning the fight against the bears. Lastly, the Moving average is showing a bearish move, as the 20MA is below the 50MA and both are below the 100MA, but the 20MA is changing its direction and will soon head towards the 50MA.
Conclusion:-
Looking at both the long term and short term, the price is not able to break the resistance, and bulls are trying their best. The 4hour is showing bullish move in the technical indicator the price will cross the resistance soon, making a bullish run.
RESISTANCE:-$654,$695
SUPPORT:- $535,$469