BNB trading: BNB Falls After Posting $20, The Bulls May Resume Rally

BNB trading: BNB Falls After Posting $20, The Bulls May Resume Rally
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Binance Coin (BNB) Price Analysis – April 15

For the past two weeks, Binance Coin has been trading below $20.5, the yearly high, following a bearish sentiment. While BNBBTC market consolidates, BNBUSD is actually playing out on a decline as the sellers target next support level. However, a bullish breakout may continue an upward direction.

BNB-USD Market

Key Levels:
Resistance levels: $20, $21
Support levels: $17, $16

BNBUSD performance has been quite impressive since the beginning of the year 2019; recording its all-time high at $20.5 in early April. After the steady drop to $17 area, the bulls increased momentum as price retested the ATH area; carving a descending broadening wedge formation.

BNBUSD-4H-Chart-April-15

In the last few hours of trading, the bears appeared to be resuming the rally. A selling pressure is gradually aiming $17 and $16 supports; respecting the trend line.

The important RSI is currently facing downward, signaling a bearish play. Reaching the oversold area may position the token at the mentioned price levels. A bullish play is likely to retest $20 resistance level. Surpassing the level may lead to a bullish continuation.

BNB-BTC Market

Following the market structure, BNBBTC is bearish on a medium-term trend as the price trades within a channel pattern. The fall began slowly after a double-bottom pattern at 0.0044 BTC high, which led the bears to the lower trend line at 0.0033 BTC before the bulls walk to 0.0039 BTC; testing the upper trend line.

BNBBTC-4H-Chart-April-15

Since yesterday, the price action has remained below 0.0039 BTC resistance level. A cross above this resistance could poise BNB for an upside trend. A long position could meet resistance at 0.0042 BTC resistance level. On the other hand, a downward move is likely at 0.0034 BTC and 0.0033 supports.

As revealed on the 4-hours RSI, the cryptocurrency is trading below the overbought level.

 

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

About AzeezMustaph

> 27 Articles
Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management

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