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

Last Updated on

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.

Remember, all trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.

About AzeezMustaph

Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.