BNB/USD Medium-term Trend: Ranging
Distribution territories: $10.25, $10.75, $11.25
Accumulation territories: $9.25, $8.75, $8.25
BNB/USD market has been noticeably moving in a ranging manner by means of featuring lower highs and yet keeping the same last week’s range territories. On November 1, the crypto dropped from the range median point to test the lower range point and, on Nov. 3, it picked up to rise and slightly succeeded at pushing past the upper Bollinger Band within the range.
Between Nov. 5 and 6, there was majorly a price ranging style within the upper and the middle Bollinger Bands. Today, the crypto has managed to briefly test past the upper range point. The market has now been traded around the upper Bollinger Band as the 50-day SMA’s trend-line is located very close to the lower Bollinger Band. The Stochastic Oscillators have appeared to briefly point south a bit above range 60.
It would be worthwhile to await strong price action having a reversal from a bearish move to launch a long position.
BNB/USD Short-term Trend: Ranging
Since the trading sessions commence today, the BNB/USD market has also been ranging within well-defined boundaries of the $10 and $9.80. In an actual sense, the crypto has briefly witnessed the market a bit above the $10 price territory.
Yesterday, most of the price ranging movements were within $9.80 and $9.60 territories. In the short-term, the trading indicators are situated within the $10 and $9.60 price lines. Price has been hovering around the middle Bollinger Band as the 50-day SMA’s trend is located underneath it. The Stochastic Oscillators have crossed faintly to point south below range 60. That means a downward price movement may soon be experienced and, it could be in a way of featuring lower lows.
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