- Binance coin price has just witnessed a bearish Moving Averages crossover
- The coin is most likely to continue in this trend
Binance Coin Price has been on a downward trend for the last 2 months. The coin has been trading in a downward sloping parallel channel and is at the support level of the parallel channel. This level is also one of the major short-term supports of the coin. This support was first formed in October. Having said that the coin has formed a triple top formation which is a bearish signal. The coin also has formed a bearish crossover, with the 20 days Moving Average (MA) falling below the 50 and 100 days MA. The coin has supports at $ 438 and $ 395 levels, these levels are crucial for price action and trader interest.
Binance Coin Price has been trading ranges on the hourly chart. The coin was trading between $ 530 and $ 500 zone, the coin broke the $ 500 support zone to fall between $ 500 and $ 460 zone. The coin had a brief rally after hitting the $ 460 level but failed to test this support the second time. The coin then fell to the level of $ 440 level where it traded for a brief period before falling to the current support of $ 420. The coin is now trading at the resistance level at $ 440 and this is a crucial position where the coin could change direction.
Conclusion:
Binance has been on a downward parallel zone for close to two months now and the coin seems to be continuing in that trend. The coin can be kept on the watchlist and traders can look out for apt supports and resistances to execute their trades.
Support: $ 420
Resistance: $ 530
DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.